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    Nuvoco Vistas IPO subscribed 38% so far on final day

    Nuvoco Vistas IPO subscribed 38% so far on final day

    Nuvoco Vistas IPO subscribed 38% so far on final day
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    By CNBCTV18.COM IST (Updated)

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    Nuvoco's IPO received 2.36 crore bids for its 6.25 crore shares on offer, marking a subscription of 38 percent so far on the last day of the bidding process.

    Nuvoco Vistas Corp.'s initial public offering (IPO) continued to see modest response on Wednesday, the third and final day of the bidding.
    Nuvoco's IPO received 2.36 crore bids for its 6.25 crore shares on offer, marking a subscription of 38 percent so far on the last day of the bidding process.
    While the portion reserved for qualified institutional buyers saw a subscription of 27 percent, that for non-institutional investors saw a subscription of five percent. The quota reserved for retail investors was subscribed 56 percent.
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    The Rs 5,000-crore IPO of Mumbai-based Nuvoco comprises fresh issuance of 263.16 lakh shares, worth Rs 1,500 crore, and an offer for sale (OFS) of 614.04 lakh shares, worth Rs 3,500 crore.
    The cement major had set a price band of Rs 560-570 for the issue. Investors can bid for shares in multiples of 26 units. At the upper end of the price band, one lot will cost investors Rs 14,820.
    The company has already raised Rs 1,500 crore from anchor investors on August 6. Nuvoco Vistas intends to utilise the net proceeds of Rs 1,350 crore from the fresh issue for repaying (in part or full) of certain borrowings and general corporate purposes.
    The company is promoted by Dr Karsanbhai K Patel and is associated with the Nirma Group. The Nirma Group forayed into the cement business in 2014 through a greenfield cement plant in Nimbol. Thereafter, as a part of the Nirma Group, it has grown the cement businesses, through acquisitions such as the Indian cement business of LafargeHolcim in 2016 and NU Vista in 2020.
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