- Shares of Nuvoco Vistas Corp listed at ₹471 while the price band was fixed at ₹560-570 per share.
- The IPO was subscribed just 1.71 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹16,822.05 crore.
Post listing, the market capitalisation of the company stood at ₹16,822.05 crore, according to BSE data.
The shares of Nuvoco Vistas Corp were trading at ₹510, lower by 10.53% at 10.00 a.m., on August 23.
The grey market had hinted at a negative listing as unlisted shares of Nuvoco Vistas were commanding a marginal premium of ₹5-6 per share over the issue price of ₹570 apiece.
The IPO — open between August 9 and August 11 — received tepid response from investors. It was subscribed 1.71 times on the last day of the bidding.
Nuvoco, which is one of the largest cement players in east India, is a subsidiary of the Nirma Group, famous for its eponymous detergent brand.
It is also one of the leading ready mix concrete manufacturers in India and has grown from being a cement focused entity to now a building materials company offering more than 50 products across cement, ready mix concrete and modern building materials sold under well-established brand names such as Concreto, Duraguard, Double Bull, ZeroM and Instamix.
Analysts had recommended subscribing to the IPO issue as they are bullish on the overall cement industry. Adding to it is the fact that the company holds a dominant position in east India with 17% market share in terms of capacity.
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