Muted listing: TVS Supply Chain Solutions debuts at Rs 207, a 5% premium to IPO price

TVS Supply Chain Solutions began operations as a part of the TVS group under the name TVS Logistics before becoming a separate company in 2004

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TVS Supply Chain Solutions made a lacklustre debut on the bourses on August 23, at a 5 percent premium to its issue price of Rs 197. The stock listed at Rs 206.30 on the BSE and Rs 207.05 on the NSE.

Ahead of listing, TVS Supply Chain Solutions was commanding a grey market premium (GMP) of just Rs 5 per share, indicating a flattish debut.

A highly competitive industry, aggressive IPO pricing and losses reported in the past years are some of the other reasons that impacted listing performance, experts said.

The Rs 880-crore public issue of the logistics company was subscribed 2.78 times during August 10-14, with bids for 6.99 crore equity shares against an IPO size of 2.51 crore shares. Retail investors were at the forefront, subscribing to 7.61 times the allotted quota.

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TVS Supply Chain Solutions began operations as a part of the TVS group under the name TVS Logistics before becoming a separate company in 2004.

Today, TVS Supply Chain Solutions, or TVS SCS, as a global supply chain company, provides end-to-end solutions to Fortune 500 companies across the world. The business is divided into two main components: Integrated Supply Chain Solutions and Network Solutions.

Currently, TVS SCS has clientele in 26 countries across Europe, Asia (including India) and Australia.

The company recorded revenue growth at a CAGR of 21.5 percent during FY21-FY23 to touch Rs 10,235 crore for FY23.

Also Read: TVS Supply Chain Solutions IPO: Can the logistics major tower over peers?

Profit stood at Rs 41.8 crore in FY23 against a loss of Rs 45.8 crore in FY22 and a loss of Rs 76.34 crore in FY21, with a PAT margin at 0.41 percent (against -0.5 percent in FY22 and -1.1 percent in FY21).

TVS Supply Chain Solutions is available at a PE (price-to-earnings) of 209.43x on the FY23 basis, which is expensive compared to peers like TCI Express (at 40.57x), Bluedart Express (46.38x), though in terms of topline, TVS is far bigger than peers. However, it is cheaper compared to Mahindra Logistics that has a P/E of 875x.

“Our advice: consider selling allotted shares on listing day. Risk-takers might find value in TVS Supply Chain’s asset-light strategy, global services, and post-GST growth potential for organized logistics,”  Prashanth Tapse, Senior VP Research Analyst at Mehta Equities said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​​