Cement Firm Nuvoco Plans $800 Million IPO Filing in April
Kotak-backed company may file a draft prospectus this month. Share sale to include both primary and secondary offerings.
(Bloomberg) -- Nuvoco Vistas Corp., an Indian cement manufacturer owned by the detergent-making Nirma Group, plans to file a draft prospectus as soon as this month for an $800 million initial public offering, according to people with knowledge of the matter.
The Mumbai-based company, backed by Kotak Investment Advisors, will sell new shares as well as secondary shares from shareholders, the people said, asking not to be identified as the deliberations are private.
An email to a representative for Nuvoco Vistas wasn’t immediately answered. CNBC-TV18 had previously reported on the proposed IPO size.
Nuvoco entered the cement sector by purchasing units of Lafarge SA in 2016, and in 2020 it bought the Emami group’s cement business.
©2021 Bloomberg L.P.