Nuvoco Vistas Corp.'s initial public offering emerged as the second-least subscribed issue so far this year.
The issue got off to a slow start, garnering 0.16 times subscription on its first day. It was subscribed 0.29 times and 1.71 times at the end of day 2 and 3, respectively. Macrotech Developers Ltd.'s IPO is the least subscribed issue so far in 2021.
The fifth-largest Indian cement maker sold 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 comprised 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 3
The IPO was subscribed 1.71 times as of 5 p.m. on Aug. 11.
Institutional investors: 4.23 times
Non-institutional investors: 0.66 times
Retail investors: 0.73 times
Research Reports On Nuvoco Vistas Corp. IPO
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