Nuvoco Vista IPO: Nuvoco Vistas Corporation Limited, the cement company of Nirma Group, may once again be listed in the market. It was delisted from the exchange about nine years ago. Its IPO will open for subscription next week on Monday 9 August. The company has fixed a price band of Rs 560-570 per share for this issue. The face value per share is Rs 10. This IPO will be open for subscription till Wednesday, August 11.
Under this IPO of Rs 5 thousand crore, new shares worth Rs 1500 crore will be issued and the remaining Rs 3500 crore shares will be issued by Niyogi Enterprise Private Limited under Offer for Sale (OFS). Niyogi Enterprises holds 86.56 percent stake in this company.
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Lot size of 26 shares
The lot size of 26 shares has been fixed for IPO subscription. According to the upper price of the price band, investors will have to invest at least Rs 14820. 35 percent of the IPO is reserved for qualified institutional buyers, 35 percent for retail investors and 15 percent for non-institutional investors. After the success of the IPO, it will join the league of UltraTech Cement, Shree Cement, Ambuja Cements and ACC. ICICI Securities, Axis Capital, HSBC Securities and Capital Markets India, JP Morgan India and SBI Capital Markets are the lead managers to the issue and Linktime India Private Limited is the registrar.
The money raised will be used for
The company plans to use the money raised from the IPO to repay/prepayment/redemption in whole or in part a debt of Rs 1350 crore. Apart from this, this money will be used for general corporate purposes. Nuvoco Vistas is the fifth largest cement company in the country in terms of capacity and the largest in eastern India. It has 11 cement plants consisting of five integrated units, five grinding units and one blending unit. Talking about domestic competitors, Nuvoki Vistas’s competitors are UltraTech Cement, Shree Cement, Birla Corporation, Dalmia Bharat Cement, Ambuja Cement and Wonder regional companies.
(Article: Surbhi Jain)