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Nuvoco Vistas raises Rs. 1,500 crores from Anchor Investors, 30% of the IPO size of Rs. 5,000 crores

Posted On: 2021-08-07 17:41:15 (Time Zone: IST)


Nuvoco Vistas Corporation Limited, India's fifth largest cement company by capacity, has raised Rs. 1,500 crores towards Anchor tranche of the initial public offering (IPO); 30% of the total IPO size of Rs. 5,000 crores. Over 40 marquee investors (>90% long only funds) participated in the Anchor Book; including marquee foreign portfolio investors and domestic investors (including Mutual Funds and Insurance Companies). The Company informed the bourses that it has allocated ~2.63 crores equity shares at an upper band of Rs. 570 per equity share on Friday, August 6, 2021 to Anchor Investors. The bid/offer period in relation to its IPO of Equity Shares will open on Monday, August 9, 2021 and close on Wednesday, August 11, 2021.

Marquee domestic investors include SBI MF, SBI Life Insurance, IPru MF, Nippon MF, Axis MF, HDFC Life, Mirae MF, Franklin Templeton MF, Premji Invest, and SBI Pension Fund, amongst others.

Marquee foreign portfolio investors such as APG AM, CI Funds, TT International, Carmignac, and Wells Capital participated significantly (~34%) in the Anchor Book.

Nuvoco Vistas Corporation Limited is the fifth largest cement Company in India and the largest cement company in East India in terms of capacity, and one of the leading ready mix concrete manufacturers in India (Source: CRISIL Report). As of March 31, 2021, the Company had 11 Cement Plants with a consolidated installed manufacturing capacity of 22.32 MMTPA. The Company has a dedicated Construction Development and Innovation Centre ("CDIC") located in Mumbai. This NABL-accredited facility serves as the incubation centre for innovative products across the cement, ready mix concrete and modern building materials businesses. The consolidated entity of Nuvoco Vistas Corporation Limited has well-recognized cement brands in the market, namely Concreto, Duraguard and Double Bull.

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

IPO Details

The issue consists of a fresh issue of Rs 1,500 crores and an OFS of Rs 3,500 crores. The issue will open for subscription on Monday, August 9, 2021 and closes on Wednesday, August 11, 2021. Investors can bid at a price band of Rs. 560-570 per equity share in a lot size of 26 equity shares.


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