TVS Supply Chain seeks IPO approval

TVS Supply Chain Solutions Ltd has sought the market regulator's approval to raise as much as Rs 2,000 crore ($264 million) selling new shares in an initial public offering.

The company's existing shareholders, including founder TVS Mobility Pvt Ltd and investors Gateway Partners and Tata Capital Financial Services Ltd, plan to sell as many as 59.48 million shares in the IPO, according to a draft prospectus. The Chennaibased company plans to repay some of its debt, and buy out minority shareholders in its UK unit from the proceeds.

TVS Supply Chain, which counts Mahindra, Daimler India Commercial

Vehicles, Sony India and Hyundai Motor India among its customers in India, has a presence in the UK, Spain, Germany, Australia and Singapore.

Direct spending in the Indian logistics market is estimated to double to $365 billion by the year to March 2026, the firm said in its draft prospectus.

Delhivery Ltd, another logistics firm, received Sebi’s approval last month for an initial share sale to raise as much as Rs 7,460 crore.