InvestorQ : What is this company Nuvoco Vistas that has filed for Rs.5,000 crore IPO?
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What is this company Nuvoco Vistas that has filed for Rs.5,000 crore IPO?

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1 month ago
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The cement interests of Karsanbhai Patel’s Nirma group are held under the entity Nuvoco Vistas. This closely held entity by the Nirma group now plans to come out with a Rs.5,000 crore IPO and has already filed the draft red herring prospectus with SEBI for the same. This IPO will include a fresh offer of Rs.1,500 crore by Nuvoco Vistas as well as an offer for sale or OFS by the promoters worth Rs.3,500 crore. This will be the first big cement IPO in 2021.

The proceeds of the fresh issue of Rs.1,500 crore will be utilized to repay debt of Rs.1,350 crore in the books of Nuvoco so as to improve its solvency and coverage ratios. Nuvoco has 11 units across North and East with an installed capacity of 22.32 MT annually. Over last 12 years, its strategy was inorganic buying out the cement businesses of Tata Steel, Raymond, Emami and the RMC business of Larsen & Toubro. Nirma had delisted over 15 years back.

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