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

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MUMBAI: Nirma Group-backed Nuvoco Vistas Corp today filed draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for a Rs 5,000-crore initial public offering.

As per the draft papers, Nuvoco Vistas will issue fresh shares worth Rs 1,500 crore through public offer and its promoter Niyogi Enterprises Ltd will sell shares worth Rs 3,500 crore in an offer for sale.

The cement maker plans to use the majority of the proceeds from the fresh issue of equity shares to pare down its debt and for general purposes. As on March 31, the company had total borrowings of Rs 7,642 crore.

ICICI Securities,

, HSBC Securities and Capital Markets, SBI Capital Markets and JP Morgan India are the book running lead managers for the issue.

The company is looking at a valuation of Rs 35,000 crore after listing, which is the same as

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

Currently, the top three cement companies 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 company in the country and dominant market player in the eastern part of the country in terms of capacity. The company recently acquired Emami Group’s cement company to further boost its footprint.

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

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