Nuvoco Vistas files papers for INR 5,000Cr IPO

With an Initial Public Offering (IPO) of INR 5,000 crore, Nuvoco Vistas Corp has filed a DRHP with SEBI, the market regulator. The IPO comprises an offer for sale of INR 3500 crore by the promoters, and a fresh issue of INR 1,400-1,500 crore worth of shares. 

Axis Capital, ICICI Securities, HSBC Securities, SBI Capital Markets, and JP Morgan have been appointed as investment bankers for this issue. 

Post this listing, the company is looking at a valuation of INR 35,000 crore, which is the same amount as ACC cement’s present market capitalization. The top three cement companies – UltraTech, Shree Cement, and Ambuja – are currently valued at Rs 1.82 lakh crore, Rs 1 lakh crore, and Rs 61,000 crore, respectively.

Previously known as Lafarge India, Nuvoco Vistas has a strong foothold in the East. As of March 31, 2020, the company had a total borrowing of INR 4,463 crore, so it is planning to deleverage its balance sheet from this IPO offering. 

Nuvoco Vistas has been in the cement industry since 1999 and has emerged as one of the leading players in the country. I’m sure many people will be looking to subscribe to the IPO.

Shishir Gupta, Founder and CEO, StartypLanes

Nirma Group entered the cement business in 2014 through a greenfield investment. It ultimately expanded its business with the acquisition of Larfarge’s India Cement business in 2016. In 2020, the company also acquired Emami Cement. All-in-all the mergers and acquisitions have almost doubled its cement manufacturing capacity and increased its scope.

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