19 Aug , 2021 By : Kanchan Joshi
Cement manufacturer Nuvoco Vistas Corporation, part of the Nirma Group, launched its three-day initial public offering (IPO) on August 9 which concluded on August 11 with the price at Rs560-570 a share. The initial share sale of the company was subscribed 1.71 times on the the closing day of bidding.
Nuvoco Vistas share allotment got finalized on August 17. The IPO listing date has not been announced yet, however, the expected date of its stock market debut on leading exchanges Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) is next week on Monday, August 23, 2021. According to market observers, that Nuvoco Vistas shares are available at a premium (GMP) of Rs40 in the grey market.
The IPO received bids for 10,70,27,492 shares against 6,25,00,001 shares on offer. The portion for Qualified Institutional Buyers(QIBs) was subscribed 4.23 times, non-institutional investors 66 per cent and Retail Individual Investors (RIIs) 73 per cent. The initial public offer aggregating up to Rs5,000 crore had a fresh issue of up to Rs1,500 crore and an offer for sale of up to Rs3,500 crore.
Proceeds of the fresh issue will be used for repayment of certain loans availed by the company and general corporate purposes.
Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonnes per annum (MMTPA). It has 11 cement plants comprising five integrated units, five grinding units, and one blending unit. It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan, and Haryana.
ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), J P Morgan India, and SBI Capital Markets were the managers of the offer.
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