Nuvoco Vistas IPO Subscribed 1.71 Times On Final Day Of Issue

Nuvoco Vistas IPO: On Wednesday,qualified institutional buyers or QIBshowed greaterinterest as the portion reserved for them was subscribed 4.23 times -the highest among the three groups of investors.

Nuvoco Vistas Corporation's Rs 5,000 crore initial public offering (IPO) was subscribed 1.71 times on the third and final day of its issue today, according to subscription data on the stock exchanges. The public offer of the cement arm of the Nirma Group opened for bidding on August 9, Monday and closed on August 11, remaining open for investors for a period of three days. The IPO consists of a fresh issue of ₹ 1,500 crore and an offer for sale of Rs 3,500 crore.  On Wednesday, qualified institutional buyers or QIB showed greater interest as the portion reserved for them was subscribed 4.23 times  - the highest among the three groups of investors. The portion set aside for the retail individual investors was subscribed 0.73 times, while non-institutional investors or NII showed tepid interest as the portion reserved for them was subscribed 0.66 times. The company sold shares in the price band of Rs 560 to Rs 570 per equity share, through its public offer. The Nuvoco IPO market lot size is 26 shares and retail individual investors could apply for a maximum of 13 lots of 338 shares.  Nuvoco Vistas is the largest cement manufacturer in East India and the fifth largest cement player in the country, by capacity. It provides a variety of products such as cement, modern building materials i.e. adhesives, ready-mix concrete (RMX), wall putty, dry plaster, among others  The company seeks to utilise the IPO funds to repay debt worth Rs 1,350 crore and for general corporate purposes.