The IPO of Nuvoco Vista will open on August 9.
Nuvoco Vistas Corporation, a part of the Nirma Group, on Wednesday said it has fixed a price band of Rs 560-570 per share for its Rs 5,000 crore initial public issue.
The initial public offering (IPO) includes fresh issue of shares worth Rs 1,500 crore and an offer for sale of Rs 3,500 crore by promoter Niyogi Enterprises.
The proceeds from the fresh issue will be used for repayment of certain loans taken by the company and for general corporate purpose.
Half of the issue size is reserved for Qualified Institutional Buyers (QIBs), 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
Investors can bid for a minimum of 26 equity shares and thereafter in multiples of 26 equity shares.
Nuvoco Vista is a cement manufacturer with a consolidated capacity of 22.32 MMTPA. It has 11 cement plants consisting of five integrated units, five grinding units and one mixing unit.
It operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.
The company’s leadership team is headed by Chairman and Non-Executive Director Hiren Patel and Managing Director Jayakumar Krishnaswamy.
Nuvoco Vista, formerly Lafarge India Limited, announced in February 2020 that it would acquire Emami’s 8.3 million tonnes per annum cement business for an enterprise value of Rs 5,500 crore. The deal was approved by the Competition Commission of India (CCI) in May 2020.
ICICI Securities, Axis Capital, JSBC Securities and Capital Markets (India) Private Limited JP Morgan India and SBI Capital Markets are the merchant bankers.
The equity shares of the company will be listed on BSE and NSE.
Founded by Karsanbhai Patel, Nirma Limited is one of India’s diversified conglomerates with business of industrial and consumer products ranging from soaps and detergents, salt, soda ash, caustic soda and other chemicals. The company was delisted from BSE and NSE in 2011.
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