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market | IST

Nuvoco Vistas gets SEBI nod for Rs 5,000-crore IPO

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A large initial public offering (IPO) from the cement sector is soon to be launched from the house of Nirma Group after the Securities and Exchange Board of India (SEBI) approves Nuvoco Vistas' Rs 5000 crore issue. CNBC-TV18 learnt that the company is eyeing a valuation of Rs 20,000 crore.

A large initial public offering (IPO) from the cement sector is soon to be launched from the house of Nirma Group after the Securities and Exchange Board of India (SEBI) approves Nuvoco Vistas' Rs 5000 crore issue.
CNBC-TV18 learnt that the company is eyeing a valuation of Rs 20,000 crore.
Nirma Group’s cement arm Nuvoco Vistas is about to launch its IPO on August 9, 2021 and eyes Rs 20,000 crore valuation post dilution, sources tell Moneycontrol.
Nuvoco Vistas’ Rs 5000 crore public issuance recently got market regulator, SEBI’s approval.
Company’s DRHP stated that the company plans a primary issuance of Rs 1,500 crore, and offer for sale (OFS) by promoters at Rs 3,500 crore for its Rs 5,000 crore IPO.
The cement major looks to use Rs 1,350 crore IPO proceeds for paring down debt.
Over the last few years the company has beefed up its cement capacity through acquisition of assets from Emami and Lafarge and has the current capacity of 24 million tonnes to be scaled up to 26 million tonnes.
Nuvoco Vistas is the 5th largest cement company in India by manufacturing capacity.
Watch the accompanying video of CNBC-TV18’s Nisha Poddar for more details.