Cement giant Nuvoco Vistas raised Rs 1500 crore from anchor investors on August 6, ahead of its IPO, MoneyControl reported.
According to a circular on the BSE website, 2,63,15,788 Equity Shares were subscribed at Rs. 570 per equity share. Stichting Depositary APG Emerging Markets Equity Pool, Carmignac Portfolio, Signature Emerging Markets Fund, Emerging Markets Equity Pool, Mirae Asset, AB ARYA Partners Fund, Best Investment Corporation Principal Trustee, Societe Generale participated in the bidding.
According to MoneyControl, domestic investors such as SBI Mutual Fund, ICICI Prudential, Franklin India Pharma Fund, Nippon Life, Axis Mutual Fund, IDFC Mutual Fund, Tata Mutual Fund, Edelweiss, BNP Paribas, Baroda Mutual Fund, Max Life Insurance, and HDFC Life also invested in the company.
The 5000 crore IPO will be launched from August 9 till August 11. The price band was fixed at Rs. 560 – Rs. 570 per equity share.
50% equity shares have been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 26 shares and in multiples of 26 thereafter.
Nuvoco Vistas is the fifth largest cement company in India. It is also one of the leading ready-mix concrete manufacturers in India. The company 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 per cent of the total cement capacity in India.
