In an official statement on Wednesday, Nuvoco Vistas announced the price band for its 5000 crores initial public offering (IPO). The IPO which will open on August 9 , has set the price band from Rs. 560 – Rs. 570 per equity share. The public offering will close on August 11.
The bidding for anchor investors will be open for a day on August 6. Nuvoco Vistas is the sixth company to launch an IPO after Devyani International, Windlas Biotech, Exxaro Tiles, Krsnaa Diagnostics, and CarTrade Tech.
The company will have a fresh issue of Rs. 1500 crores and offer for sale (OFS) of Rs. 3500 crores. According to the statement, the proceedings from the IPO will be used for the repayment of the company’s borrowings.
Investors can bid for a minimum of 26 shares and in multiples of 26 thereafter.
Up to 50% of the offer is allocated to qualified investors, 35% for retail individual investors, and 15% for non-institutional investors.
Nuvoco Vistas in the fifth largest cement company in India. It is also one of the leading ready-mix concrete manufacturers in India.
Nuvoco is promoted by Dr. Karsanbhai K Patel, who is associated with the Nirma Group. As of December 31, 2020, its cement production capacity constituted approximately 4.2 percent of the total cement capacity in India.
