Nuvoco Vistas share listed on a weak note on BSE today. The share of cement maker listed at Rs 471, 17.36% lower to the IPO issue price. Price band of the IPO was fixed at Rs 560-570 per share.
Total 4.20 lakh shares of the firm changed hands amounting to turnover of Rs 22.92 crore on BSE.
Market cap of the firm fell to Rs 19,391 crore. The IPO was held from August 9 to August 11. On NSE, the share opened at Rs 485.
Total 85.66 lakh shares of the firm changed hands amounting to turnover of Rs 465.63 crore on NSE.
Market cap of the firm fell to Rs 19,427 crore.
Niyogi Enterprises Pvt Ltd and Karsanbhai K Patel are promoters of the company.
The objective of the share sale was to repay/prepay/redeem borrowings availed by the firm fully or partially and for general corporate purposes.
Lot size of the IPO was 26 shares for which one would have to spend Rs 14,820. A retail individual investor could apply for up to 13 lots (338 shares by spending Rs 192,660).
Allotment of shares was done on August 17 this year.
The firm raised Rs 1,500 crore from anchor investors ahead of the public issue.
The IPO was subscribed 1.71 times on last day. The IPO received bids for 10,70,27,492 shares against 6,25,00,001 shares on offer. The portion for qualified institutional buyers (QIBs) was subscribed 4.23 times, non-institutional investors 66 per cent and retail individual investors (RIIs) 73 per cent.
The IPO aggregating up to Rs 5,000 crore comprised a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore.
Nuvoco Vistas, a part of the Nirma Group, is the fifth largest cement company in the country. It is the largest cement company in eastern region in terms of capacity.
Nuvoco Vistas has a consolidated capacity of 22.32 million metric tonnes per annum (MMTPA). It has 11 cement plants comprising five integrated units, five grinding units, and one blending unit. It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan, and Haryana.
