The cement manufacturer Nuvoco Vistas Corporation, part of the Nirma Group, started its three-day initial public offering (IPO) on August 9th. ₹560-570 a share. The company’s first share sale was subscribed 1.71 times on the closing day of the offer.
The allotment of Nuvoco Vistas shares was completed on August 17th. The date of the IPO listing has not yet been announced, however the expected date of the IPO listing on the leading Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) is next week Monday, August 23, 2021. According to market watchers, Nuvoco Vistas are – Shares at a premium (GMP) of. available ₹40 on the gray market.
At the IPO, offers were received for 10.70.27.492 shares against 6.25.00,001 shares offered. The share for Qualified Institutional Buyers (QIBs) was subscribed 4.23 times, for non-institutional investors 66 percent and for Retail Individual Investors (RIIs) 73 percent. The IPO amounting to up to ₹5,000 crore had a new issue of up to ₹1,500 crore and an offer for sale of up to ₹3,500 million euros.
The proceeds from the issue will be used to repay certain Company loans and for general corporate purposes.
Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million tons per year (MMTPA). It has 11 cement plants with five integrated units, five grinding units and one mixing unit. It operates cement production plants in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.
ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), JP Morgan India and SBI Capital Markets were the managers of the offering.
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