Nuvoco Vistas IPO Subscribed 0.16 Times On Day 1
Nuvoco Vistas Corp. launched its three-day initial public offering on Aug. 9, joining other Indian companies in raising funds during what may be a record year for maiden offers.
The issue got off to a slow start on its first day. Institutional and non-institutional hardly bid for shares, while the portion reserved for retail investors witnessed lukewarm interest.
The fifth-largest Indian cement maker is selling shares at Rs 560-570 apiece, seeking a valuation of Rs 20,357 core at the upper end of its price band.
The Rs 5,000-crore IPO comprises a fresh issue of 8.8 crore shares amounting to Rs 1,500 crore and an offer-for-sale worth Rs 3,500 crore by the promoter—Niyogi Enterprise Pvt., part of the Nirma group.
The company plans to use the IPO's proceeds to pare debt worth Rs 1,350 crore. It had total borrowings of Rs 7,642 crore as on March 31.
Subscription Details: Day 1
The IPO was subscribed 0.16 times as of 5 p.m. on Aug. 9.
Institutional investors: 0.00 times
Non-institutional investors: 0.01 times
Retail investors: 0.31 times