Nirma Group’s cement arm Nuvoco Vistas is about to launch its IPO on August 9, 2021 and eyes Rs 20,000 crore valuation post dilution, sources tell Moneycontrol. Nuvoco Vistas’ Rs 5,000 cr public issuance recently got market regulator, SEBI’s approval.
Nuvoco Vistas spokesperson told Moneycontrol, “we do not comment on market speculation.”
Company’s DRHP stated that the company Plans a primary issuance of Rs 1500 crore, and OFS by promoters at Rs 3500 cr for its Rs 5000 cr IPO. The cement major looks to use Rs 1350 cr IPO proceeds for paring down debt.
Over the last few years the company has beefed up its cement capacity through acquisition of assets from EMAMI and Lafarge and has the current capacity of 24 million tonnes to be scaled up to 26 million tonnes.
Nuvoco Vistas is the 5th largest cement company in India by manufacturing capacity.
Investment Bankers appointed to the issue are Axis Capital, ICICI Securities, HSBC, JP Morgan and SBI Capital Markets.
((This is a developing story, please keep checking here for more updates)
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