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Nuvoco Vistas Corporation's Rs 5,000-crore IPO opens on August 9; price band, lot size to be announced today

Nuvoco is the fifth largest cement company in India and the largest cement company in East India in terms of capacity.

August 04, 2021 / 07:41 AM IST

Cement company Nuvoco Vistas Corporation, promoted by Dr Karsanbhai K Patel who is associated with the Nirma Group, is set to launch its public issue for subscription on August 9. This would be 6th company to open IPO in the current month, after Devyani International, Windlas Biotech, Exxaro Tiles, Krsnaa Diagnostics, and CarTrade Tech.

The issue will close on August 11. The anchor investor bidding date will be one working day prior to the offer opening date - August 6, as per the RHP.

The company is planning to raise Rs 5,000 crore through public offer, comprising a fresh issue of Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprise.

Also read - Windlas Biotech IPO: 10 key things to know before the issue opens

The company will disclose details about price band and lot size in a press conference to be held on August 4.

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The net proceeds from the fresh issue will be utilised for repaying of borrowings (Rs 1,350 crore), and general corporate purposes.

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Nuvoco is the fifth largest cement company in India and the largest cement company in East India in terms of capacity. As of December 31, 2020, its cement production capacity constituted approximately 4.2 percent of total cement capacity in India, 17 percent of total cement capacity in East India and 5 percent of total cement capacity in North India. It is also one of the leading ready-mix concrete manufacturers in India.

Also read - Nykaa IPO | Who will participate in OFS, usage of share sale proceeds & the 'beautiful' opportunity: Key takeaways from DRHP

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), JP Morgan India, and SBI Capital Markets are the book running lead managers to the issue.

The company has received in-principle approvals from the BSE and National Stock Exchange (NSE) for the listing of equity shares.
Moneycontrol News
first published: Aug 3, 2021 06:25 pm

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