Nirma Group-backed Nuvoco Vistas files papers for Rs 5,000-crore IPO

MUMBAI: Nirma Group-backed Nuvoco Vistas Corp right this moment filed draft crimson herring prospectus with the Securities and Exchange Board of India (Sebi) for a Rs 5,000-crore preliminary public providing.

As per the draft papers, Nuvoco Vistas will challenge recent shares value Rs 1,500 crore by public supply and its promoter Niyogi Enterprises Ltd will promote shares value Rs 3,500 crore in a suggestion for sale.

The cement maker plans to make use of the vast majority of the proceeds from the recent challenge of fairness shares to pare down its debt and for basic functions. As on March 31, the corporate had complete borrowings of Rs 7,642 crore.

ICICI Securities,

, HSBC Securities and Capital Markets, SBI Capital Markets and JP Morgan India are the e book operating lead managers for the difficulty.

The firm is a valuation of Rs 35,000 crore after itemizing, which is identical as

’s present market capitalization, The Economic Times reported on Wednesday.

Currently, the highest three cement corporations in India – UltraTech,

and Ambuja – command a market capitalization of Rs 1.84 lakh crore, Rs 1 lakh crore and Rs 61,793 crore, respectively.

Nuvoco Vistas is the fifth largest cement firm within the nation and dominant market participant within the jap a part of the nation when it comes to capability. The firm not too long ago acquired Emami Group’s cement firm to additional enhance its footprint.

The firm, promoted by Dr. Karsanbhai Patel of Nirma Group, entered the cement enterprise in 2014 and has grown considerably by acquisition of LafargeHolcim’s cement operations in 2016 and Emami group’s cement agency in 2020.

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