On its second day till 5pm, Nuvoco Vistas Corporation Limited which is India’s fifth-largest cement company by capacity received bids of 1,82,54,834 shares against the offered 6,25,00,001 equity shares. Nuvoco Vistas Corporation, erstwhile Lafarge India, plans to raise ₹5,000 crore with a fresh issuance of equity shares, aggregating up to ₹1,500 crores and an offer for sale of equity shares aggregating up to ₹3,500 crores, by Selling Shareholder
The portion reserved for retail investors was subscribed 0.51 times. While the Qualified Institutional Buyer category was subscribed 0.11 times, the non-Institutional Investor category was subscribed 0.04 times and overall Issue was subscribed 0.29 times
Brokerage houses like Atique Stock Broking, IDBI Capital, Canara Bank Securities, KR Choksey, IIFL Securities, HEM Securities and Asian Markets Securities Pvt Ltd have recommended subscribing to the issue for long-term perspective as the company is the largest cement company in the fastest-growing region of east India. Analysts have also listed strategically located plants and experience promoter and professional management as other reasons to subscribe to the issue.
ICICI Securities Limited, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JP Morgan India Private Limited and SBI Capital Markets Limited are the book running lead managers to the Offer.
In comparison to other major cement producing countries, India has the lowest per capita cement consumption at 200-250 kg, which is nearly half of world average of 500-550 kg, the company said in a statement. However, despite a low per capita cement consumption, India is the second-largest cement consumer in the world behind China. Crisil Research expects cement demand to register a CAGR of 6-7% in FY21-26, driven by a raft of infrastructure investments and healthy revival in housing demand, the company said.
{{/usCountry}}In comparison to other major cement producing countries, India has the lowest per capita cement consumption at 200-250 kg, which is nearly half of world average of 500-550 kg, the company said in a statement. However, despite a low per capita cement consumption, India is the second-largest cement consumer in the world behind China. Crisil Research expects cement demand to register a CAGR of 6-7% in FY21-26, driven by a raft of infrastructure investments and healthy revival in housing demand, the company said.
{{/usCountry}}As of March 31, 2021, the company had 11 cement plants with a consolidated installed manufacturing capacity of 22.32 MMTPA.