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TVS SUPPLY CHAIN SOLUTIONS LIMITED |
Our Company was originally incorporated as ‘TVS Logistics Services Limited' in Madurai, a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 16,2004 and certificate of commencement of business dated November 29,2004 issued by the Registrar of Companies, Tamil Nadu Thereafter, the name of our Company was changed to its present name. ‘TVS Supply Cham Solutions Limited', pursuant to a special resolution passed in the extra-ordinary genera) meeting of the Shareholders held on November 19.2018. Consequently, a certificate of incorporation pursuant to change of name dated February 27.2019 was issued by the RoC to reflect the change in name. For further details relating to the changes in registered office of our Company, see "History and Certain Corporate Matters' on page 264 of the Prospectus.
| Registered Office: 10 Jav/ahar Road, Chokkikulam, Madurai-625 002, Tamil Nadu, India; Corporate Office: No.58, Eldams road, Teynampet, Chennai-600 018, Tamil Nadu, India; |
| Tel: + 9144 66857777 Website: www.tvsscs.com; Contact Person: P D Krishna Prasad, Company Secretary and Compliance Officer; Tel . +91446685 7777; |
| E-mail: cs.compliance@tvsscs.com; Corporate Identity Number: U63011TN2004PLC054655 |
| OUR PROMOTERS: TVS MOBILITY PRIVATE LIMITED, T.S. RAJAM RUBBERS PRIVATE LIMITED, |
| DHINRAMA MOBILITY SOLUTION PRIVATE LIMITED AND RAMACHANDHRAN DINESH |
Our Company has filed the Prospectus dated August 17,2023 with the RoC (the "Prospectus") and the Equity Shares are proposed to be listed on the National Stock Exchange of India Limited
("NSE") and BSE Limited ("BSE") and the trading is expected to commence on August 23, 2023.
| BASIS OF ALLOTMENT |
INITIAL PUBLIC OFFERING OF 44,670,050 EQUITY SHARES OF FACE VALUE OF Rs. 1 EACH ("EQUITY SHARES") OF TVS SUPPLY CHAIN SOLUTIONS LIMITED ("OUR COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. 197 PER EQUITY SHARE (INCLUDING A PREMIUM OF M 96 PER EQUITY SHARE) ("OFFER PRICE") AGGREGATING TO * 8,800 MILLION ("OFFER"). THE OFFER COMPRISES OF A FRESH ISSUE OF 30,456,852 EQUITY SHARES AGGREGATING TO Rs. 6,000 MILLION* (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 14,213,198 EQUITY SHARES AGGREGATING TO Rs. 2,800 MILLION, COMPRISING OF 10,734,565 EQUITY SHAR1ARES AGGREGATING TO Rs. 2,114.71 MILLION BY OMEGA TC HOLDINGS PTE. LTD., 984,823 EQUITY SHARES AGGREGATING TO Rs. 194.01 MILLION BY TATA CAPITAL FINANCIAL SERVICES LIMITED, 100,000 EQUITY SHARES AGGREGATING TO Rs. 19.70 MILLION BY KOTAK SPECIAL SITUATIONS FUND, AND 100,000 EQUITY SHARES AGGREGATING TO Rs. 19.70 MILLION BY TVS MOTOR COMPANY LIMITED (COLLECTIVELY THE, "INVESTOR SELLING SHAREHOLDER"), AND 2,293,810 EQUITY SHARES AGGREGATING TO Rs. 451.88 MILLION BY OTHER SELLING SHAREHOLDERS AS SET OUT UNDER ANNEXURE A OF THE PROSPECTUS ("OTHER SELLING SHAREHOLD"). THE INVESTOR SELLING SHAREHOLDERS AND OTHER SELLING SHAREHOLDERS, COLLECTIVELY REFERRED AS "SELLING SHAREHOLDERS" AND SUCH OFFER FOR SALE BY THE SELLING SHAREHOLDERS, THE "OFFER FOR SALE"). THE OFFER WILL CONSTITUTE 10.06% OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL.
*OUR COMPANY. IN CONSULTATION WITH THE BRLMS, HAS UNDERTAKEN A FURTHER ISSUE OF (I) COMPULSORILY CONVERTIBLE PREFERENCE SHARES AGGREGATING TO Rs. 750 MILLION (SUBSEQUENTLY CONVERTELD INTO 4,476.275 EQUITY SHARES) AND (II) 4.010.695 EQUITY SHARES AGGREGATING TO Rs. 750 MILLION ("PRE-IPO PLACEMENT"). THE FRESH ISSUE SIZE HAS BEEN REDUCED BY* 1,500 MILLION PURSUANT TO THE PRE-IPO PLACEMENT AND ACCORDINGLY THE FRESH ISSUE COMPRISES OF 30,456,852 EQUITY SHARES AGGREGATING TO ? 6,000 MILLION.
| OFFER PRICE: Rs. 197 PER EQUITY SHARE OF FACE VALUE OF Rs. 1 EACH. |
| ANCHOR INVESTOR OFFER PRICE: Rs.197 PER EQUITY SHARE OF FACE VALUE OF Rs.1 EACH. |
| THE OFFER PRICE IS 197 TIMES THE FACE VALUE OF THE EQUITY SHARES |
| RISKS TO INVESTORS |
• Losses in past - We incurred a restated loss for the year, on a consolidated basis, amounting to ^ 763.44 million and ^ 458.00 million in Fiscals 2021 and 2022, respectively. Any similar losses in the future may adversely affect our business, financial condition and cash flows.
• Majority of our Revenue from Global Operations - We derived an average of 72.99% of our revenue from operations from our global operations in Fiscals 2021,2022 and 2023. Our global operations expose us to risks such as compliance with local laws and any failure to comply with applicable laws or regulations could lead to civil, administrative or regulatory proceedings which could adversely affect our business, results of operations and financial condition.
• Borrowings - As of March 31,2023, our total borrowings was Rs.19,896.16 million, on a consolidated basis. Our indebtedness and the conditions and restrictions imposed by our financing agreements and any non-compliance may lead to, among others, suspension of further drawdowns, which may adversely affect our business, results of operations, financial condition and cash flows.
• Foreign Currency Exposure - In Fiscals 2021,2022 and 2023, an average of 72.99% of our revenue from operations were denominated in foreign currencies and an average of 73.87% of our borrowings were in foreign currencies in the same years. Accordingly, we are exposed to foreign currency exchange rate fluctuations and our results of operations have and will be impacted by such fluctuations in the future.
• The Price/ Earnings Ratio based on diluted EPS for Financial Year 2023 for the Company at the higher end of the Price Band is as high as 193.14 times and at the lower end of the Price Band is 183.33 times as compared to the average industry peer group PE ratio of 43.03 times.
• Customer Concentration - We derive a portion of our revenue from certain key customers.
| Revenue by Customers | Fiscal | |||||
| 2021 | 2022 | 2023 | ||||
| Amount P million) | %of revenue from operations | Amount P million) | %of revenue from operations | Amount (* million) | %of revenue from operations | |
| Top 5 | 13,397.47 | 19.32% | 15,267.10 | 16.51% | 18,331.86 | 17.91% |
| Top 10 | 18,975.01 | 27.37% | 22,892.25 | 24.75% | 28,343.88 | 27.69% |
| Top 20 | 25,704.87 | 37.07% | 32,761.37 | 35.42% | 39,798.50 | 38.88% |
Note: The top 5, top 10 and top 20 customers are the top 5, top 10 and top 20 customers, respectively, in terms of revenue for each of the respective years and may not necessarily be the same customers.
• Working Capital Requirements - We have increasing working capital requirements and we may require additional financing to meet those requirements.
• Operating Expenses • Freight, clearing, forwarding and handling charges, Employee Benefit Expenses, Sub-contracting cost and casual labour charges constituted an average of 71.85% of the Revenue from Operations in Fiscals 2021,2022,2023
• Dependency on network partners and other third parties - Our operations are significantly dependent on network partners and other third parties for our warehousing and transportation needs, which may have an adverse effect on our business, results of operations, financial condition and cash flows.
• Lease - We lease all of our warehouses. Failure to renew our current leases or licenses or locate desirable locations that are suitable for our expansion at commercially reasonable prices could adversely affect our business, financial condition, results of operations and cash flows.
• The Offer Price of the Equity Shares, price to earnings ratio ("P/E") ratio, market capitalization to revenue from operations ratio and enterprise value ("EV") to EBITDA ratio of our Company may not be indicative of the market price of the Equity Shares on listing, for the years indicated.
| Fiscals | Price to Earnings Ratio | Market Capitalization to Revenue from Operations | Enterprise value to EBITDA | |||
| (At lower end of Price Band i.e. Rs. 187 per Equity Share) | (At higher end of Price Band i.e. Rs. 197 per Equity Share) | (At lower end of Price Band i.e. Rs. 187 per Equity Share) | (At higher end of Price Band i.e. Rs. 197 per Equity Share) | (At lower end of Price Band i.e. Rs. 187 per Equity Share) | (At higher end of Price Band i.e. Rs. 197 per Equity Share) | |
| For Fiscal 2021 | NA* | NA* | 1.18 | 1.24 | 26.84 | 27.89 |
| For Fiscal 2022 | NA* | NA* | 0.89 | 0.93 | 16.58 | 17.25 |
| For Fiscal 2023 | 183.33 | 193.14 | 0.80 | 0.84 | 15.16 | 15.75 |
•Due to negative PIE.
• The allotment pursuant to Pre IPO Placement of (i) Series E CCPS was at Rs. 180 per Series E CCPS (and converted into Equity Shares at a conversion price of Rs. 167.55 per Equity Share), and (ii) Equity Shares was at Rs. 187 per Equity Share, which is equal to or less than the Offer Price at lower end of the Price Band i.e., Rs. 187 per Equity Share and at higherend of the Price Band i.e., Rs. 197 per Equity Share.
• Average cost of acquisition of Equity Shares held by the Selling Shareholders ranges from 73.92 to Rs. 121.93 per Equity Share and Offer Price at higher end of the Price Band is Rs. 197 per Equity Share.
• Details of weighted average cost of acquisition of all Equity Shares transacted in last one years, eighteen months and three year immediately preceding the date of the Prospectus.
| Period prior to the date of filing of Prospectus | Weighted Average Cost of Acquisition (in Rs.)* | Cap Price (Rs.197) is ‘x' times the Weighted Average Cost of Acquisition* | Range of acquisition price: Lowest Price - Highest Price (in Rs.)* |
| One Year | 157.06 | 1.25 | 95.00* - 187.00 |
| Eighteen Months | 116.80 | 1.69 | 73.40*-187.00 |
| Three Years | 116.16 | 1.70 | 13.00*-187.00 |
• Pursuant to the certificate dated August 17,2023, issued by S K Patodial Associates, Chartered Accountants.
• Excludes Equity Shares issued pursuant to bonus issuance and gifted Equity Share
• Weighted average cost of acquisition, floor price and cap price
| Types of transactions | Weighted average cost of acquisition (Rs. per Equity Share) | Floor price (i.e.,Rs. 187.00) | Cap price (i.e., Rs. 197.00) |
| WACA for Primary Transactions during 18 months prior to Prospectus | 169.65 | 1.10 times | 1.16 times |
| WACA for Secondary Transactions during 3 years prior to Prospectus | 82.71* | 2.26 times | 2.38 times |
Note: As certified bySK Patodia & Associates, Chartered Accountants, pursuant to their certificate dated August 17,2023.
' Since there were no secondary transactions involving our Promoters, members of the Promoter Group, Selling Shareholders or shareholders with right to nominate directors on our Board, excluding gifts, equal to or more than 5% of the fully diluted paid-up share capital of our Company (calculated based on the pre-Offer capital before such transaction(s) and excluding employee stock options granted but not vested), in the last 18 months preceding the date of the Prospectus, in a single transaction or multiple transactions combined together over a span of rolling 30 days, the information has been disclosed for price per share of our Company based on the last eight (since four transactions happened on the same date) secondary transactions (where promoter/promoter group entities or Selling Shareholders or shareholders) having the right fo nominate director(s) on the Board), are a party to the transaction, not older than three years prior to the date of the Prospectus irrespective of the size of the transaction
• Our Company will not receive any proceeds from the Offer for Sale portion of the Offer.
• Details of price at which specified security was acquired in the last 3 years, by each of the promoters, promoter group, selling shareholders, shareholders entitled with right to nominate directors or any other rights is disclosed on page no. 35 of the Prospectus.
• Weighted Average Return on Net Worth for Fiscals 2023,2022 & 2021 is (2.07)%.
| Fiscal | RoNW (%) | Weight |
| March 31,2021 | (15.15) | 1 |
| March 31,2022 | (6.88) | 2 |
| March 31,2023 | 5.50 | 3 |
| Weighted Average | (2.07) | - |
• The six BRLMs associated with the Offer have handled 68 public Issues in the past three years, out of which 23 Issues closed below the offer price on listing date.
| Name of the BRLMs | Total public Issues | Issues closed below price on listing date |
| JM Financial Limited | 13 | 3 |
| Axis Capital Limited | 14 | 6 |
| J. P. Morgan India Private Limited | 2 | 2 |
| BNP Paribas | Nil | Not Applicable |
| Nuvama Wealth Management Limited | 5 | 1 |
| Equirus Capital Private Limited | 4 | 0 |
| Common issues handled by the BRLMs | 30 | 11 |
| Total | 68 | 23 |
DETAILS OF PRE-IPO PLACEMENT
I. Details of the CCPS allotted in Pre- IPO Placement:
| Date of allotment | Number of Series ECCPS | Price per Series ECCPS (in Rs.) | Number of Equity Shares on conversion of Series ECCPS | Price per Equity Shares on conversion of Series ECCPS | Total consideration (Rs. in million) | Name of the allottee121 |
| July 3,2023 | 2,777,778 | 180.00 | 2,984,184 | 167.55 | 500.00 | Allanzers Fin Net Private Limited |
| 555,555 | 180.00 | 596,836 | 167.55 | 100.00 | Western India Logistics Company Private Limited | |
| 833,333 | 180.00 | 895,255 | 167.55 | 150.00 | Satta Securities Private Limited | |
| Total | 4,166,666' | 4,476,275 | 750.00 |
'' The 4,166,666 Series ECCPS have subsequently been converted into 4,476,275 Equity Shares on July 27, 2023.
Except as disclosed below, the allottees are not connected to our Company. Promoters, Promoter Group, Directors, key managerial personnel (KMP), Subsidiaries or Group Companies and their directors or key managerial personnel in any manner:
Allanzers Fin Net Private Limited is a shareholder in one of our Group Companies, namely. TVS Industrial and Logistics Parks Private Limited. Further, Ravikumar Swammathan. a shareholder and a director on the board of directors of TVS Industrial and Logistics Parks Private Limited, is a majority shareholder and a director on the board of directors of Allanzers Fin Net Private Limited.
II. Details of the Equity Shares allotted in Pre- IPO Placement:
| Date of allotment | Number of Equity Shares | Price per Equity Shares (^) | Total consideration (Rs. in million) | Name of the allottee11 |
| 1 July 27, 2023 | 4,010,695 | 187.00 | 750.00 | SBI Life Insurance Company Limited |
!
The allottee is not connected to our Company, Promoters, Promoter Group, Directors, key managerial personnel (KMP), Subsidiaries or Group Companies and their directors or key managerial personnel in any manner.| BID/OFFER PERIOD |
| ANCHOR INVESTOR BIDDING DATE WAS: WEDNESDAY, AUGUST 9, 2023 |
| BID/OFFER OPENED ON: THURSDAY, AUGUST 10, 2023 |
| BID/OFFER CLOSED ON: MONDAY, AUGUST 14, 2023 |
The Offer was made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations This Offer was made through the Book Building Process in accordance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers (‘ QIBs') (the QIB Portion'), provided that our Company and the Selling Shareholders in consultation with the BRLMs allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (the Anchor Investor Portion"). One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid Bids received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price in accordance with the SEBI ICDR Regulations. Further. 5% of the Net QIB Portion was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids received at or above the Offer Price. Further, (a) not more than 15% of the Offer was available for allocation to Non-institutional Investors (out of which one third was reserved for Bidders with Bids exceeding Rs. 0.2 million up to Rs. 1 million and two-thirds was reserved for Bidders with Bids exceeding Rs. 1 million) and (b) not more than 10% of the Offer was available for allocation to Retail Individual Investors (Rlls ) in accordance with the SEBI ICDR Regulations, subject to valid Bids received from them at or above the Offer Price. All Bidders, other than Anchor Investors, were mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (‘ASBA") process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Bidders (defined hereinafter), which was blocked by the Self Certified Syndicate Banks ("SCSBs") or the Sponsor Banks, as the case may be. to the extent of their respective Bid Amounts. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see "Offer Procedure' on page 616 of the Prospectus.
The bidding for Anchor Investor opened and closed on Wednesday, August 9, 2023. The company received 18 applications from 11 anchor investors for 2,06,09.148 equity shares. The Anchor investor price was finalized at Rs. 197 per Equity Share. A total of 20,101,522 shares were allocated under the Anchor Investor Portion aggregating to Rs. 4,06,00,02,156.00
The Offer received 3,00,596 applications for 9,06,78,260 Equity Shares (prior to rejections) resulting in 2.03 times subscription. The details of the applications received in the Offer from various categories are as under: (before rejections):
| Sr. No. | Category | No of Applications received | No. of Equity Shares applied | No. of Equity Shares Reserved as per Prospectus | No. of times Subscribed | Amount (rS.) |
| A | Retail Individual Investors | 2,95,182 | 3,53,46,004 | 44,67,005 | 7.91 | 6,96,55,47,744,00 |
| B | Non-lnstitutional Investors - More than *2 Lakhs Up to *10 Lakhs | 4,578 | 57,75,392 | 22,33,503 | 2.59 | 1,13,74,89,188,00 |
| C | Non-lnstitutional Investors - Above *10 Lakhs | 803 | 1,06,65,840 | 44,67,004 | 2.39 | 2,10,11,27,920,00 |
| D | Qualified Institutional Investors (excluding Anchors Investors) | 15 | 1,82,81,876 | 1,34,01,016 | 1.36 | 3,60,15,29,572,00 |
| E | Anchor Investors | 18 | 2,06,09,148 | 2,01,01,522 | 1.03 | 4,06,00,02,156,00 |
| TOTAL | 3,00,596 | 9,06,78,260 | 4,46,70,050 | 2.03 | 17,86,56,96,580,00 |
Final Demand
A summary of the final demand as at different Bid prices is as under:
| Sr. No. | Bid Price | No. of Equity Shares | % to Total | Cumulative Total | Cumulative % to Total |
| 1 | 187 | 4,99,700 | 0.56 | 4,99,700 | 0.56 |
| 2 | 188 | 52,440 | 0.06 | 5,52,140 | 0.62 |
| 3 | 189 | 43,776 | 0.05 | 5,95,916 | 0.66 |
| 4 | 190 | 2,52,548 | 0.28 | 8,48,464 | 0.95 |
| 5 | 191 | 28,804 | 0.03 | 8,77,268 | 0.98 |
| 6 | 192 | 90,288 | 0.10 | 9,67,556 | 1.08 |
| 7 | 193 | 41,040 | 0.05 | 10,08,596 | 1.12 |
| 8 | 194 | 26,068 | 0.03 | 10,34,664 | 1.15 |
| 9 | 195 | 1,75,256 | 0.20 | 12,09,920 | 1.35 |
| 10 | 196 | 73,036 | 0.08 | 12,82,956 | 1.43 |
| 11 | 197 | 4,16,00,272 | 46.38 | 4,28,83,228 | 47.81 |
| 12 | 9999 | 4,68,07,792 | 52.19 | 8,96,91,020 | 100.00 |
| TOTAL | 8,96,91,020 | 100.00 |
The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on August 21, 2023.
A. Allotment to Retail Individual Investors (After Rejections) (including ASBA Applications)
The Basis of Allotment to the Retail Individual Investors, who have bid at the Offer Price of Rs. 197/- per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 7.53 times. The total number of Equity Shares Allotted in this category is 44.67,005 Equity Shares to 58,776 successful Retail Individual Investors. The category-wise details of the Basis of Allotment are as under:
| Sr. No. | Category | No. of Applications Received | %of Total | Total No. of Equity Shares applied | %to Total | No. of Equity Shares Allotted per Bidder | Ratio | Total No. of Equity Shares allotted |
| 1 | 76 | 2,33.165 | 83.00 | 1,77,20,540 | 52.66 | 76 | 59:282 | 37,07,508 |
| 2 | 152 | 22,876 | 8.14 | 34.77.152 | 10.33 | 76 | 59:282 | 3.63.736 |
| 3 | 228 | 7.474 | 2.66 | 17.04.072 | 5.06 | 76 | 59:282 | 1.18.864 |
| 4 | 304 | 3,490 | 1.24 | 10.60,960 | 3.15 | 76 | 59:282 | 55,480 |
| 5 | 380 | 3,012 | 1.07 | 11,44,560 | 3.40 | 76 | 59:282 | 47,880 |
| 6 | 456 | 1,430 | 0.51 | 6,52,080 | 1.94 | 76 | 59:282 | 22,724 |
| 7 | 532 | 1,607 | 0.57 | 8,54.924 | 2.54 | 76 | 59:282 | 25,536 |
| 8 | 608 | 525 | 0.19 | 3.19.200 | 0.95 | 76 | 59:282 | 8.360 |
| 9 | 684 | 373 | 0.13 | 2,55,132 | 0.76 | 76 | 78:373 | 5,928 |
| 10 | 760 | 1,627 | 0.58 | 12,36,520 | 3.67 | 76 | 59:282 | 25,840 |
| 11 | 836 | 238 | 0.08 | 1,98,968 | 0.59 | 76 | 50:238 | 3,800 |
| 12 | 912 | 362 | 0.13 | 3.30.144 | 0.98 | 76 | 76:362 | 5,776 |
| 13 | 988 | 4.752 | 1.69 | 46.94.976 | 13.95 | 76 | 59:282 | 75.544 |
| 9,993 Allottees from Serial no 2 to 13 Additional 1(one) share | 29:9993 | 29 | ||||||
| TOTAL | 2,80,931 | 100.00 | 3,36,49,228 | 100.00 | 44,67,005 | |||
B. Allotment to Non-lnstitutional Investors (more than rS. 2 lakhs and upto MO lakhs) (After Rejections) (including ASBA Applications)
The Basis of Allotment to the Non-lnstitutional Investors (more than 7 2 lakhs and upto 7 10 lakhs), who have bid at the Offer Price of rS. 197/- per Equity Share or above, was finalized in consultation with the NSE. The category has been subscribed to the extent of 2.49 times. The total number of Equity Shares Allotted in this category is 22,33,503 Equity Shares to 2,099 successful Non-lnstitutional Investors (more than rS. 2 lakhs and upto rS. 10 lakhs). The category-wise details of the Basis of Allotment are as under: (Sample)
| Sr. No. | Category | No. of Applications Received | %of Total | Total No. of Equity Shares applied | %to Total | No. of Equity Shares Allotted per Bidder | Ratio | Total No. of Equity Shares allotted |
| 1 | 1.064 | 3470 | 78,40 | 36,92,080 | 66,20 | 1,064 | 46:97 | 17,51,344 |
| 2 | 1.140 | 271 | 6,12 | 3,08,940 | 5,54 | 1,064 | 129:271 | 1,37,256 |
| 3 | 1,216 | 45 | 1,02 | 54,720 | 0,98 | 1,064 | 21:45 | 22,344 |
| 4 | 1,292 | 29 | 0,66 | 37,468 | 0,67 | 1,064 | 14:29 | 14,896 |
| 5 | 1.368 | 22 | 0,50 | 30,096 | 0,54 | 1,064 | 10:22 | 10,640 |
| 6 | 1.444 | 13 | 0,29 | 18,772 | 0,34 | 1,064 | 6:13 | 6,384 |
| 7 | 1.520 | 116 | 2,62 | 1,76,320 | 3,16 | 1,064 | 55:116 | 58,520 |
| 8 | 1.596 | 21 | 0,47 | 33,516 | 0,60 | 1,064 | 10:21 | 10,640 |
| 9 | 1.672 | 7 | 0,16 | 11,704 | 0,21 | 1,064 | 3:7 | 3,192 |
| 10 | 1.748 | 8 | 0,18 | 13,984 | 0,25 | 1,064 | 4:8 | 4,256 |
| 11 | 1.824 | 3 | 0,07 | 5,472 | 0,10 | 1,064 | 1:3 | 1,064 |
| 12 | 1.900 | 23 | 0,52 | 43,700 | 0,78 | 1,064 | 11:23 | 11,704 |
| 13 | 1,976 | 16 | 0,36 | 31,616 | 0,57 | 1,064 | 8:16 | 8,512 |
| 14 | 2.052 | 23 | 0,52 | 47,196 | 0,85 | 1,064 | 11:23 | 11,704 |
| 15 | 2,128 | 20 | 0,45 | 42,560 | 0,76 | 1,064 | 9:20 | 9,576 |
| 16 | 2,204 | 9 | 0,20 | 19,836 | 0,36 | 1,064 | 4:9 | 4,256 |
| 17 | 2.280 | 33 | 0,75 | 75,240 | 1,35 | 1,064 | 16:33 | 17,024 |
| 18 | 2.356 | 7 | 0,16 | 16,492 | 0,30 | 1,064 | 3:7 | 3,192 |
| 19 | 2.432 | 15 | 0,34 | 36,480 | 0,65 | 1,064 | 7:15 | 7,448 |
| 20 | 2.508 | 141 | 3,19 | 3,53,628 | 6,34 | 1,064 | 67:141 | 71,288 |
| 21 | 2.584 | 14 | 0,32 | 36,176 | 0,65 | 1,064 | 7:14 | 7,448 |
| 22 | 2.660 | 2 | 0,05 | 5,320 | 0,10 | 1,064 | 1:2 | 1,064 |
| 23 | 2,736 | 5 | 0,11 | 13,680 | 0,25 | 1,064 | 2:5 | 2,128 |
| 24 | 2.812 | 2 | 0,05 | 5,624 | 0,10 | 1,064 | 1:2 | 1,064 |
| 25 | 2.964 | 3 | 0,07 | 8,892 | 0,16 | 1,064 | 1:3 | 1,064 |
| 26 | 3,040 | 17 | 0,38 | 51,680 | 0,93 | 1,064 | 8:17 | 8,512 |
| 27 | 3,116 | 2 | 0,05 | 6,232 | 0,11 | 1,064 | 1:2 | 1,064 |
| 29 | 3,268 | 2 | 0,05 | 6,536 | 0,12 | 1,064 | 1:2 | 1,064 |
| 30 | 3,344 | 2 | 0,05 | 6,688 | 0,12 | 1,064 | 1:2 | 1,064 |
| 32 | 3.496 | 2 | 0,05 | 6,992 | 0,13 | 1,064 | 1:2 | 1,064 |
| 33 | 3,572 | 3 | 0,07 | 10,716 | 0,19 | 1,064 | 1:3 | 1,064 |
| 34 | 3.800 | 13 | 0,29 | 49,400 | 0,89 | 1,064 | 6:13 | 6,384 |
| 35 | 3.876 | 2 | 0,05 | 7,752 | 0,14 | 1,064 | 1:2 | 1,064 |
| 37 | 4,104 | 2 | 0,05 | 8,208 | 0,15 | 1,064 | 1:2 | 1,064 |
| 39 | 4.256 | 2 | 0,05 | 8,512 | 0,15 | 1,064 | 1:2 | 1,064 |
| 41 | 4.560 | 9 | 0,20 | 41,040 | 0,74 | 1,064 | 4:9 | 4,256 |
| 43 | 4,788 | 3 | 0,07 | 14,364 | 0,26 | 1,064 | 1:3 | 1,064 |
| 44 | 4,940 | 6 | 0,14 | 29,640 | 0,53 | 1,064 | 3:6 | 3,192 |
| 45 | 5,016 | 37 | 0,84 | 1,85,592 | 3,33 | 1,064 | 18:37 | 19,152 |
| 46 | 3,192 | 1 | 0,02 | 3,192 | 0,06 | 1,064 | 0:1 | 0 |
| 47 | 3.420 | 1 | 0,02 | 3,420 | 0,06 | 1,064 | 0:1 | 0 |
| 48 | 4,028 | 1 | 0,02 | 4,028 | 0,07 | 1,064 | 0:1 | 0 |
| 49 | 4,180 | 1 | 0,02 | 4,180 | 0,07 | 1,064 | 0:1 | 0 |
| 50 | 4.484 | 1 | 0,02 | 4,484 | 0,08 | 1,064 | 0:1 | 0 |
| 51 | 4,712 | 1 | 0,02 | 4,712 | 0,08 | 1,064 | 0:1 | 0 |
| 52 | All applicants from Serial no 1001 to 1006 for 1 (one) lot of 1064 shares | 1,064 | 4:6 | 4,256 | ||||
| 53 | 453 allottees from Serial no 2 to 1007 for 1 (one) additional share | 1 | 167:453 | 167 | ||||
| TOTAL | 4,426 | 100.00 | 55,76,880 | 100.00 | 22,33,503 | |||
C. Allotment to Non-lnstitutional Investors (more than rS.10 lakhs) (After Rejections) (including ASBA Applications)
The Basis of Allotment to the Non-lnstitutional Investors (more than rS. 10 lakhs), who havo bid at the Offer Price of rS. 197/- per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 2.31 times. The total number of Equity Shares allotted in this category is 44,67,004 Equity Shares to 748 successful Non-lnstitutional Investors (more than rS. 10 lakhs). The category-wise details of the Basis of Allotment are as under: (Sample)
| Sr. No. | Category | No. of Applications Received | % of Total | Total No. of Equity Shares applied | % to Total | No. of Equity Shares Allotted per Bidder | Ratio | Total No. of Equity Shares allotted |
| 1 | 5,092 | 565 | 75.53 | 28,76,980 | 27.81 | 2,612 | 1:1 | 14,75,780 |
1 ADDITIONAL SHARE FOR CATEGORY 5,092 |
1 | 206:565 | 206 | |||||
| 2 | 5,168 | 13 | 1.74 | 67,184 | 0.65 | 2,642 | 1:1 | 34,346 |
| 3 | 5,244 | 9 | 1.20 | 47,196 | 0.46 | 2,671 | 1:1 | 24,039 |
| 4 | 5,320 | 29 | 3.88 | 1,54,280 | 1.49 | 2,700 | 1:1 | 78,300 |
| 5 | 5,396 | 2 | 0.27 | 10,792 | 0.10 | 2,729 | 1:1 | 5,458 |
| 6 | 5,472 | 2 | 0.27 | 10,944 | 0.11 | 2,759 | 1:1 | 5,518 |
| 7 | 5,548 | 2 | 0.27 | 11,096 | 0.11 | 2,788 | 1:1 | 5,576 |
| 8 | 5,624 | 2 | 0.27 | 11,248 | 0.11 | 2,817 | 1:1 | 5,634 |
| 9 | 5,700 | 6 | 0.80 | 34,200 | 0.33 | 2,846 | 1:1 | 17,076 |
| 10 | 5,776 | 1 | 0.13 | 5,776 | 0.06 | 2,875 | 1:1 | 2,875 |
| 11 | 5,928 | 2 | 0.27 | 11,856 | 0.11 | 2,934 | 1:1 | 5,868 |
| 12 | 6,080 | 5 | 0.67 | 30,400 | 0.29 | 2,992 | 1:1 | 14,960 |
| 13 | 6,156 | 1 | 0.13 | 6,156 | 0.06 | 3,021 | 1:1 | 3,021 |
| 14 | 6,308 | 1 | 0.13 | 6,308 | 0.06 | 3,080 | 1:1 | 3,080 |
| 15 | 6,384 | 1 | 0.13 | 6,384 | 0.06 | 3,109 | 1:1 | 3,109 |
| 16 | 6,460 | 1 | 0.13 | 6,460 | 0.06 | 3,138 | 1:1 | 3,138 |
| 17 | 6,764 | 3 | 0.40 | 20,292 | 0.20 | 3,255 | 1:1 | 9,765 |
| 18 | 6,840 | 3 | 0.40 | 20,520 | 0.20 | 3,284 | 1:1 | 9,852 |
| 19 | 6,916 | 1 | 0.13 | 6,916 | 0.07 | 3,314 | 1:1 | 3,314 |
| 20 | 7,068 | 1 | 0.13 | 7,068 | 0.07 | 3,372 | 1:1 | 3,372 |
| 21 | 7,448 | 1 | 0.13 | 7,448 | 0.07 | 3,518 | 1:1 | 3,518 |
| 22 | 7,600 | 22 | 2.94 | 1,67,200 | 1.62 | 3,576 | 1:1 | 78,672 |
| 23 | 8,740 | 1 | 0.13 | 8,740 | 0.08 | 4,015 | 1: 1 | 4,015 |
| 24 | 9,500 | 2 | 0.27 | 19,000 | 0.18 | 4,307 | 1: 1 | 8,614 |
| 25 | 9,804 | 1 | 0.13 | 9,804 | 0.09 | 4,424 | 1: 1 | 4,424 |
| 26 | 9,880 | 2 | 0.27 | 19,760 | 0.19 | 4,453 | 1: 1 | 8,906 |
| 27 | 9,956 | 1 | 0.13 | 9,956 | 0.10 | 4,482 | 1: 1 | 4,482 |
| 28 | 10,032 | 4 | 0.53 | 40,128 | 0.39 | 4,511 | 1: 1 | 18,044 |
| 29 | 10,108 | 7 | 0.94 | 70,756 | 0.68 | 4,541 | 1: 1 | 31,787 |
| 30 | 10,184 | 6 | 0.80 | 61,104 | 0.59 | 4,570 | 1: 1 | 27,420 |
| 31 | 11,020 | 1 | 0.13 | 11,020 | 0.11 | 4,891 | 1: 1 | 4,891 |
| 32 | 11,476 | 1 | 0.13 | 11,476 | 0.11 | 5,066 | 1: 1 | 5,066 |
| 33 | 11,932 | 1 | 0.13 | 11,932 | 0.12 | 5,242 | 1: 1 | 5,242 |
| 34 | 12,540 | 1 | 0.13 | 12,540 | 0.12 | 5,475 | 1: 1 | 5,475 |
| 35 | 12,616 | 2 | 0.27 | 25,232 | 0.24 | 5,505 | 1: 1 | 11,010 |
| 36 | 12,692 | 6 | 0.80 | 76,152 | 0.74 | 5,534 | 1: 1 | 33,204 |
| 37 | 13,300 | 1 | 0.13 | 13,300 | 0.13 | 5,768 | 1: 1 | 5,768 |
| 38 | 13,452 | 1 | 0.13 | 13,452 | 0.13 | 5,826 | 1: 1 | 5,826 |
| 39 | 14,212 | 1 | 0.13 | 14,212 | 0.14 | 6,118 | 1: 1 | 6,118 |
| 40 | 15,200 | 8 | 1.07 | 1,21,600 | 1.18 | 6,498 | 1: 1 | 51,984 |
| 41 | 17,784 | 1 | 0.13 | 17,784 | 0.17 | 7,491 | 1: 1 | 7,491 |
| 42 | 18,240 | 1 | 0.13 | 18,240 | 0.18 | 7,666 | 1: 1 | 7,666 |
| 43 | 20,216 | 1 | 0.13 | 20,216 | 0.20 | 8,426 | 1: 1 | 8,426 |
| 44 | 21,280 | 2 | 0.27 | 42,560 | 0.41 | 8,835 | 1: 1 | 17,670 |
| 45 | 22,800 | 2 | 0.27 | 45,600 | 0.44 | 9,420 | 1: 1 | 18,840 |
| 46 | 25,308 | 1 | 0.13 | 25,308 | 0.24 | 10,383 | 1: 1 | 10,383 |
| 47 | 26,600 | 1 | 0.13 | 26,600 | 0.26 | 10,880 | 1: 1 | 10,880 |
| 48 | 30,400 | 2 | 0.27 | 60,800 | 0.59 | 12,341 | 1: 1 | 24,682 |
| 49 | 38,000 | 1 | 0.13 | 38,000 | 0.37 | 15,262 | 1: 1 | 15,262 |
| 50 | 40,584 | 1 | 0.13 | 40,584 | 0.39 | 16,256 | 1: 1 | 16,256 |
| 51 | 45,600 | 1 | 0.13 | 45,600 | 0.44 | 18,184 | 1: 1 | 18,184 |
| 52 | 50,692 | 1 | 0.13 | 50,692 | 0.49 | 20,141 | 1: 1 | 20,141 |
| 53 | 50,768 | 2 | 0.27 | 1,01,536 | 0.98 | 20,171 | 1: 1 | 40,342 |
| 54 | 53,124 | 1 | 0.13 | 53,124 | 0.51 | 21,076 | 1: 1 | 21,076 |
| 55 | 57,000 | 1 | 0.13 | 57,000 | 0.55 | 22,566 | 1: 1 | 22,566 |
| 56 | 60,572 | 1 | 0.13 | 60,572 | 0.59 | 23,939 | 1: 1 | 23,939 |
| 57 | 64,600 | 1 | 0.13 | 64,600 | 0.62 | 25,487 | 1: 1 | 25,487 |
| 58 | 81,852 | 1 | 0.13 | 81,852 | 0.79 | 32,119 | 1: 1 | 32,119 |
| 59 | 1,01,840 | 1 | 0.13 | 1,01,840 | 0.98 | 39,803 | 1: 1 | 39,803 |
| 60 | 1,52,228 | 2 | 0.27 | 3,04,456 | 2.94 | 59,172 | 1: 1 | 1,18,344 |
| 61 | 1,90,000 | 1 | 0.13 | 1,90,000 | 1.84 | 73,691 | 1: 1 | 73,691 |
| 62 | 10,15,208 | 1 | 0.13 | 10,15,208 | 9.81 | 3,90,903 | 1: 1 | 3,90,903 |
| 63 | 38,07,068 | 1 | 0.13 | 38,07,068 | 36.80 | 14,64,100 | 1: 1 | 14,64,100 |
| TOTAL | 748 | 100.00 | 1,03,46,108 | 100.00 | 44,67,004 | |||
D. Allotment to QIBs
Allotment to QIBs, who have Bid at the Offer Price of rS. 197/- per Equity Share, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 1.36 times of QIB Portion. As per the SEBIICDR Regulations, Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e., 6,70,051 shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e., 1,27,30,965 shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 1,34,01,016 shares, which were allotted to 15 successful QIB Investors. The category-wise details of the Basis of Allotment are as under:
| Category | FIs/BANKs | MF's | IC's | NBFC's | AIF | FPC | VC's | TOTAL |
| Allotment | 16,87,907 | 16,91,427 | - | 49,53,623 | 1,10,095 | 49,57,964 | - | 1,34,01,016 |
E. Allotment to Anchor Investors
The Company and the Investor Selling Shareholder, in consultation with the BRLMs, have allocated 20,101,522 shares to 11 Anchor Investors (through 18 Application Forms) (including 3 domestic Mutual Funds through 8 schemes) at the Anchor Investor Offer Price ofrS. 197/- per Equity Share in accordance with the SEBI ICDR Regulations. This represents 60% of the QIB Portion.
| Category | FIs/BANKs | MF's | IC's | NBFC's | AIF | FPC | VC's | TOTAL |
| Allotment | - | 76,26,828 | 38,07,068 | 32,99,464 | - | 53,68,162 | - | 2,01,01,522 |
The Board of Directors of our Company on August 21, 2023 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum- Intimations and/ or notices will be dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on August 21, 2023 and payment to non-Syndicate brokers have been issued on August 21, 2023. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on August 22, 2023 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on August 22, 2023. The Company has received listing and trading approval from BSE and NSE and the trading will commence on or about August 23, 2023.
Note: All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.
INVESTORS PLEASE NOTE
The details of the allotment made will be hosted on the website of the Registrar to the Offer. Link Intime India Private Limited at : www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ sole Bidder. Bid cum Application Form number, Bidder DP ID. Client ID. PAN. date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for. the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:
 |
Link Intime India Private Limited |
| C 101.1st Floor, 247 Park, L.B.S. Marg, Vikhroli West, Mumbai - 400 083, Maharashtra, India | |
| Tel.: +91 810 811 4949 | |
| E-mail: tvs.ipo@linkmtime.co.in | |
| Investor Grievance Email: tvs.ipo@linkmtime.co.in | |
| Website: www.linkintime.co.in | |
| Contact Person: Shanti Gopalkrishnan | |
| SEBI Registration No.: INR000004058 |
| For TVS SUPPLY CHAIN SOLUTIONS LIMITED | |
| On behalf of the Board of Directors | |
| Sd/- | |
| Place: Chennai | P D Krishna Prasad |
| Dale: August 22, 2023 | Company Secretary & Compliance Officer |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF TVS SUPPLY CHAIN SOLUTIONS LIMITED.
TVS SUPPLY CHAIN SOLUTIONS LIMITED has filed the Prospectus with RoC on August 17, 2023. The Prospectus shall be available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs. i.e. JM Financial Limited. Axis Capital Limited. J. P. Morgan India Private Limited, BNP Paribas. Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and Equirus Capital Private Limited at www.jmfl.com, www.axiscapital.co.in, www.jpmipl.com , www.bnpparibas.co.in , www.nuvama.com and www.equirus.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled "Risk Factors" beginning on page 39 of the Prospectus.
The Equity Shares have not been and will not be registered under the United States Securities Act of 1933. as amended ("U.S. Securities Act') or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (a) in the United States only to "qualified institutional buyers' (as defined in Rule 144A under the U S. Securities Act and referred to in the Draft Red Herring Prospectus as "U.S QIBs"), in private transactions exempt from the registration requirements of the U.S. Securities Act, and (b) outside of the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering in the United States.
RHP