(Bloomberg) -- Indian cement maker Nuvoco Vistas Corp. closed about 7% lower on its first day of trading in Mumbai.
The shares slumped to 531.30 rupees, after being sold for 570 rupees apiece in the initial public offering. Nuvoco Vistas raised 50 billion rupees ($674 million) in the sale after pricing the stock at the top of the offered range.
The company joins a flurry of IPOs in the Indian market, where the amount of money raised so far in 2021 has reached $9.8 billion, already surpassing the totals of the past three years. Newly listed Indian stocks are beating the benchmark Nifty 50 Index by the most in seven years.
Nuvoco Vistas got bids for about 1.7 times the number of shares on sale in the offering. The firm, part of the Nirma Group, is the fifth largest cement company in India and the largest in East India in terms of capacity, according to the offering prospectus. It posted total revenue from operations for the fiscal year through March of about 75 billion rupees.
ICICI Securities, Axis Capital, HSBC Securities, JPMorgan India and SBI Capital Markets managed the sale.
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