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.