TVS Supply Chain Solutions Ltd. has sought the Indian market regulator’s approval to raise as much as 20 billion rupees ($264 million) selling new shares in an initial public offering.

The company’s existing shareholders, including founder TVS Mobility Pvt. 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 Chennai-based company plans to repay some of its debt, and buy out minority shareholders in its U.K. unit from the proceeds.

TVS Supply Chain, which counts Mahindra & Mahindra Ltd., Daimler India Commercial Vehicles Pvt., Sony India Pvt. and Hyundai Motor India Ltd. among its customers in India, has a presence in the U.K., 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, TVS Supply Chain said in its draft prospectus, citing data from consultant RedSeer.

JM Financial Ltd., Axis Capital Ltd., J.P. Morgan India Pvt., BNP Paribas, Edelweiss Financial Services Ltd. and Equirus Capital Pvt. are the banks managing the share sale.

Delhivery Ltd., another Indian logistics firm, received the market regulator’s approval last month for an initial share sale to raise as much as 74.6 billion rupees.

It has yet to begin the share sale while state-run Life Insurance Corp. of India is due to submit its draft prospectus to the capital market regulator soon for a share sale in what is expected to be the nation’s biggest IPO.

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