Cement manufacturer Nuvoco Vistas Corporation’s initial public offering (IPO) was 29 percent subscribed on Tuesday, the second day of the offering. The subscription received offers for the purchase of 1,82,54,834 shares for 6,25,00,001 shares offered, according to data from the stock exchange.
The Qualified Institutional Buyers (QIB) category was subscribed by 11 percent, non-institutional investors by 4 percent, and (RIIs) retail individual investors by 51 percent. The initial public offering (IPO) of Rs 5,000 crore includes a new issue of Rs 1,500 crore and an offer to sell off Rs 3,500 crore.
The offer price range is Rs 560-570 per share. Nuvoco Vistas Corporation Ltd, part of the Nirma Group, raised Rs 1500 crore last week from major investors. The proceeds of the new issue will be used to repay some loans taken by the company and for general corporate purposes.
Nuvoco Vistas is a cement manufacturer with a combined capacity of 22.32 million metric tons per year (MMTPA). It has 11 cement plants consisting of five integrated units, five grinding units, and a 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 are the principal directors. The company’s shares will be listed on the BSE and NSE.
Credit- Et Realty