Nuvoco Vistas IPO listing today, GMP indicates flat listing likely

Samir SharmaAug 23, 2021Business

Image Source : NUVOCO.IN

Nuvoco Vistas IPO listing today

Nuvoco Vistas IPO listing, Nuvoco Share Price: Nuvoco Vistas shares will be listed at the BSE and NSE on Monday. Ahead of the listing, Nuvoco share price in the grey market is weak, hinting at a flat or negative listing.

Nuvoco Vistas IPO opened for subscription on August 9. It was subscribed 1.71 times of its offer. The company’s initial public offer (IPO) received bids for 10,70,27,492 shares against 6,25,00,001 shares on offer, according to data available with the exchanges. The price band of the public issue was from Rs 560 to Rs 570.

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.

In the grey market, unlisted shares of Nuvoco Vistas are commanding a marginal premium of Rs 5-6 per share over the issue price of Rs 570 apiece.

The initial public offer aggregating up to Rs 5,000 crore had a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore.

Nuvoco Vistas Corporation Ltd, part of the Nirma Group, had raised Rs 1,500 crore from anchor investors ahead of the public issue. Nuvoco Vistas is the fifth largest cement company in the country. It is the largest cement company in eastern region in terms of capacity.

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.

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