<ul><li>Shares of Nuvoco Vistas Corp listed at ₹471 while the price band was fixed at ₹560-570 per share.</li><li>The IPO was subscribed just 1.71 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹16,822.05 crore.</li></ul>Shares of cement manufacturer Nuvoco Vistas Corp made a weak listing on the National Stock Exchange (NSE) and BSE as the stock listed at 17.37% discount on the issue price band of ₹560-570 apiece. Investors had expected a negative listing after the CarTrade Tech IPO had also opened at discount last week because of weak momentum in the market led by global cues. 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. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/types-of-mutual-funds-for-investors/articleshow/85552684.cms">Looking to invest in mutual funds? Here are the different schemes you should know of</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/finance-ministry-summons-infosys-ceo-over-glitches-in-it-e-filing-portal/articleshow/85533986.cms">Finance Ministry summons Infosys CEO over glitches in IT e-filing portal</a>

Nuvoco Vistas Corp makes a weak stock market debut; lists at 17% discount on exchanges

<ul><li>Nuvoco Vistas is looking to raise ₹5,000 crore through a fresh issue of shares worth ₹1,500 crore and an offer for sale by promoters worth ₹3,500 crore.</li><li>With the net proceeds the company looks to repay borrowings worth ₹1,350 crore.</li><li>In terms of manufacturing capacity, it is the fifth largest cement company in India and the largest cement company in east India. </li></ul>Nuvoco Vistas Corporation, a Nirma Group company, has received the regulator’s nod for issuing an initial public offering (<keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword>). The company is looking to raise ₹5,000 crore through IPO, as per the draft red herring prospectus (DRHP) filed by the company on May 9, 2021. The IPO comprises a fresh issuance of shares worth ₹1,500 crore and an offer for sale worth ₹ 3,500 crore by the promoter. In terms of its manufacturing capacity, Nuvoco Vistas -- formerly known as Lafarge India Limited -- is the fifth largest cement company in India and the largest cement company in east India, as per the DRHP filings. It also is 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. With the net proceeds the company looks to repay some of its borrowings worth ₹1,350 crore. The company believes that the central government’s focus on roads, railways, urban infrastructure and irrigation will boost infrastructure investments. The share of cement demand of the infrastructure segment is expected to increase from 23% to 25% in FY21 to 25% to 27% in FY26, as per DRHP filing. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹6,793 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹7,052 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹6,855 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit/Loss </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹249 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ (26 crore) </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹87 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Net worth </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹5,279 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,988 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 4,823 crore </td></tr></tbody></table> The company has five integrated plants, five grinding units and one blending unit across north and east locations. However, the company sells in west and central regions as well due to close proximity of these plants with the regions. The company has a pan India market share of 4.2%, whereas it is more dominant in the eastern region with a market share of close to 17%, in terms of capacity on a consolidated basis as of December 2020. In north India, it has 5% market share in terms of capacity, according to DRHP filings. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/pizza-hut-kfc-costa-coffee-operator-devyani-international-is-coming-with-new-ipo-in-india/articleshow/84575084.cms">Pizza Hut, KFC, Costa Coffee operator Devyani International to raise an estimated ₹1,400 crore through IPO </a> <a href="https://www.businessinsider.in/business/news/india-has-added-36191-new-companies-between-april-to-june-this-year/articleshow/84575166.cms">India has added 36,191 new companies between April to June this year </a>

Cement manufacturer Nuvoco Vistas Corp to raise ₹5,000 crore through IPO

<ul><li><keyword id="6610470" type="UNKNOWN" weightage="20" keywordseo="Nuvoco-Vistas">Nuvoco Vistas</keyword>, part of Nirma Group of companies, opened its initial public offering (IPO) on Monday with a price band of ₹560-570.</li><li>The company is one of the largest cement companies in east India in terms of capacity.</li><li>The cement manufacturer is looking to raise ₹5,000 crore through the public issue. </li></ul>Nuvoco Vistas’ is the current ongoing initial public offering (IPO) opened for subscription along with CarTrade. 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. Nirma Group entered the cement business in 2014 by acquiring Switzerland based LafargeHolcim in 2016 and NU Vista, formerly known as Emami Cement in 2020. Gujarat-based Nirma Group is a diversified conglomerate that manufactures products ranging from chemicals to detergents, soaps, healthcare products and real estate development. With a strong promoter backing the Nuvoco Vistas grew from a cement based firm to offering various building materials like mixed concrete, cement, wall putty, blocks, plaster, and more. Over the years, Nuvoco Vistas has become the largest cement company in east India in terms of capacity (22.32 million metric tonnes per annum). The company’s cement plants are located in the states of West Bengal, Bihar, Odisha, Chhattisgarh and Jharkhand in east India and Rajasthan and Haryana in north India. The cement manufacturer is looking to raise ₹5000 crore via the IPO. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 7522.69 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 6829.94 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 7105.88 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ -25.91 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ 249.25 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹ -26.48 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Analysts have 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. <div type="image" title="Nuvoco peers" height="900" width="1200" msid="85177110" hostid="261"></div> “The country’s demand growth is likely to be led by east and central regions and will be primarily from affordable housing and infrastructure creation and the cement sector is expected to largely benefit from it. Nuvoco Vistas, being the largest cement company in the east region, is well placed to capitalise on these opportunities...We recommend to subscribe the [sic] issue from a long-term perspective,” said analysts at Investmentz.com. One biggest drawback for the company is its high debt. As of December 31, 2020, its net debt stood at ₹7,259 crore. The company intends to use the proceeds from the fresh issue to pay some of its debt. The cement manufacturer’s valuation is at a discount to its large cap peers as it partially factors high debt and low returns on capital employed (ROCE), said a report by IDBI Capital. “But given [the] up-cycle in the cement industry and expectation of improvement in margin and balance sheet deleveraging over FY21-23 earnings estimate we recommend subscribe,” added the report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/amara-raja-batteries-invests-in-five-year-old-startup-log-9/articleshow/85174877.cms">Battery maker Amara Raja invests in five-year-old startup Log 9</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/these-are-the-top-ten-most-popular-cryptocurrencies-in-the-world/slidelist/85174407.cms">Top 10 cryptocurrencies in the world — the story behind Bitcoin and other altcoins</a>

Nirma Group backed Nuvoco Vistas IPO: Analysts are bullish on the cement sector and recommend the IPO for long term

<ul><li>10 IPOs have been listed in August, of which 5 IPOs have opened below the issue price.</li><li>Analysts attribute it to retail investors having less cash in hand with multiple IPOs at a time, negative market sentiment and expensive <keyword id="48076" type="General" weightage="20" keywordseo="valuations" source="Orion">valuations</keyword>.</li><li>The lull response in the IPOs is reflected on the relatively lower subscriptions.</li></ul>Investors seem to be disappointed with initial public offerings (IPOs) as they have made no money on the recent public issues on the listing day. In the last two weeks, IPOs like <keyword id="11910941" type="General" weightage="20" keywordseo="cartrade-tech" source="Orion">CarTrade Tech</keyword>, <keyword id="11941399" type="General" weightage="20" keywordseo="aptus-value-housing" source="Orion">Aptus Value Housing</keyword>, <keyword id="6610470" type="General" weightage="20" keywordseo="nuvoco-vistas" source="Orion">Nuvoco Vistas</keyword> and <keyword id="123949" type="General" weightage="20" keywordseo="chemplast-sanmar" source="Orion">Chemplast Sanmar</keyword> have opened at a discount on exchanges. The drop in momentum tells that the <keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword> market seems to be waning in vigour. Note that IPOs are known for their listing day gains as it allows investors to exit the company with profit within a short span of time. “So, the problem with IPOs is not the fact that they are coming to the retail public to raise capital, but their valuations are not very reasonable. Everybody who is coming into IPO now is not leaving too much room on the table for retail to make money. They are in many ways overestimating the growth and coming in at a clearly frothy valuation, that I think is the main problem, said Nikhil Kamath, co-founder at Zerodha and True Beacon to Business Insider. Moreover, IPO subscription data shows that those with high subscriptions are usually the ones with good listing gains. All IPOs opened recently have been fully subscribed, but not heavily subscribed like they used to be which shows the reduced interest among investors. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPOs listed in August </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Listing day gains (in ₹) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Times subscribed </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gains till date </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rolex Rings </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">266.55 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">130.44 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-7.46% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Glenmark Life Sciences </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28.2 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">45.08 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-10.75% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Windlas Biotech </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-53.3 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">22.56 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-14.58% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Devyani International </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33.35 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">117 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-8.46% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Exxaro Tiles </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12.25 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">22.65 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-7.52% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Krsnaa Diagnostics </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">36.75 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">63.53 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-8.81% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cartrade Tech </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-117.9 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.29 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.93% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aptus Value Housing </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-6.5 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">17.2 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.71% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nuvoco Vistas </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-38.7 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.71 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-1.81% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Chemplast Sanmar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-6.1 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.21 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-2.55% </td></tr></tbody></table> On the other hand, the current negative sentiment in the market gives another reason for investors to stay away from IPOs. IPOs are taking away too much liquidity from the market. In the last week, four IPOs which came in took away ₹16,800 crore of liquidity, said Jyoti Roy, deputy vice president, equity Strategist at <keyword id="103837" type="General" weightage="20" keywordseo="angel-broking" source="Orion">Angel Broking</keyword>. “IPOs will probably have to wait for some time for market sentiment to improve. Now IPOs need to ensure they do not crowd the market at one time because that will lead to liquidity crunch. Investors will become more choosy after the scenario,” he added. Also, investors need to gauge the difference between existing and future performance projected by the IPOs while investing, said Vijay Singhania, chairman at <keyword id="2838524" type="General" weightage="20" keywordseo="tradesmart" source="Orion">TradeSmart</keyword>. “Valuations based on projected performance is no [sic] valuation,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-forays-into-consumer-lending-with-latest-peer-to-peer-feature/articleshow/85591907.cms">BharatPe forays into consumer lending with latest peer-to-peer feature</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bajaj-finance-overtakes-sbi-in-market-capitalisation-as-parent-bajaj-finserv-gets-sebi-nod-to-start-mutual-fund-business/articleshow/85589491.cms">Bajaj Finance overtakes SBI in market capitalisation as parent Bajaj Finserv gets SEBI nod to start mutual fund business</a>

Cut the price or wait a bit ⁠— what the market is telling IPO aspirants

A year after market debut, Paytm is the worst performer among recent large IPOs – Cartrade, Policybazaar and LIC join the party

IPOs in FY23 have been fewer but many have fared better than the previous year

<ul><li><keyword id="3233230" type="General" weightage="20" keywordseo="turtlemint" source="Orion">Turtlemint</keyword> works as a technology partner with financial institutions in the international markets.</li><li>Therefore, the company has been hiring 50-60 individuals across verticals on a monthly basis.</li><li>It also hopes to onboard a million financial advisors by 2025 who will sell policies on their platform.</li></ul>Mumbai-based online insurance seller Turtlemint is planning to expand further in international markets, as per the cofounder of the company. The six-year-old startup, which is termed as a soon-to-be unicorn by several reports, launched its operations in UAE earlier this month in association with one of the largest financial players. A unicorn, in startup parlance, is a company valued at above $1 billion. Turtlemint is also in talks with banking partners in Southeast Asia and Middle East as a part of its international expansion play. Turtlemint has both business-to-customer (B2C) and business-to-business (B2B) offerings in India. It directly sells insurance policies to customers through its platform under the B2C offerings as well as onboards financial advisors to sell these policies to customers under a business-to-business-to-customer (B2B2C) offering. It has 1.2 Lakh insurance advisors on its platform. The company also works as a software-as-a-service (SaaS) company and rents out its technology to financial institutions to sell insurance online under the B2B offering. The company will solely focus on the SAAS offering when it comes to international expansion and the revenue from these markets would come from subscriptions of its software Dhirendra Mahyavanshi, cofounder and chief executive of Turtlemint, in an interaction with Business Insider, highlighted that the company is underway to close ₹500 crore revenue run rate for the financial year (FY) 2022. This is double of ₹250 crore reported in FY21. However, he did not share the contribution of their international markets in revenue growth. “Initially [we are in] an investment timeframe, so I really can't comment on the revenue that will come from international,” he added. Turtlemint to go big on tech hiring to advance its tech stack Turtlemint has raised close to $69 million to date from marquee investors like Nexus Venture Partners, Sequoia Capital India, Jungle Ventures and GGV Capital. The company raised $46 million in the first half of 2021. The company has used this funding to expand its presence in India from 11,000 pin codes to 14,000 pin codes and invested heavily on its technology. Mahyavanshi added that they have hired about 500 employees in their technology team since April 2021 to create a tech architecture that can be deployed in both B2B and B2C offerings. The company is currently hiring about 50-60 employees on a monthly basis. It is also looking to onboard 10,00,000 financial advisors -- or point of sale persons (POSP) who sell the policies -- on its platform by 2025. The company expects its business to grow ten-fold by 2025. It aims to serve 6 million customers by then. The company claims that it currently issues 35 lakh policies annually and 10,000 policies daily. Commenting on the possibility of any upcoming fundraise, Mahyavanshi said “We're adequately funded for now because we had raised [a funding in March 2021] but also our model is very good from an unit economics point of view. But having said that, as we have aggressive plans in other markets and also to scale up significantly in India and at the right time, we will definitely look at setting more funds.” Insurtech segment bound to grow this decade Devendra Agrawal, founder of Dexter Capital, noted that the Indian insurtech segment is a very large subsector of fintech and is largely dominated by traditional companies. There is very little little innovation and user friendliness in the current offering, he added, but as more startups emerge in the segment there would be scope for much greater innovation. “The newer segments in insurtech are likely to focus on [three things]. First, new product launches, which would also lead to unbundling of insurance and investment a number of risks, which are not underwritten today. Second, we should also expect user friendliness to be a big focus and some start-ups would focus on that. Third, insurance has traditionally been sold directly to consumers through bancassurance or insurance agents, we would find newer channels like get customers on-border via corporates and then upsell them directly,” he said. Other players in the online insurance play are PolicyBazaar, Digit Insurance, BankBazaar, Coverfox and others. ACKO General Insurance is one of the startups that issues their own insurance policies instead of being a third-party seller. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/nuvoco-vistas-corp-ipo-makes-a-weak-stock-market-debut/articleshow/85553380.cms">Nuvoco Vistas Corp makes a weak stock market debut; lists at 17% discount on exchanges</a> <a href="https://www.businessinsider.in/international/news/catastrophic-flooding-in-tennessee-leaves-at-least-10-people-dead-and-40-missing/articleshow/85531029.cms">Catastrophic flooding in Tennessee leaves at least 22 people dead and 51 missing</a> <a href="https://www.businessinsider.in/india/news/finance-ministry-summons-infosys-ceo-over-glitches-in-it-e-filing-portal/articleshow/85533986.cms">Finance Ministry summons Infosys CEO over glitches in IT e-filing portal</a>

You Searched For "nuvoco vistas corp ipo discount" and got 7 results

Nuvoco Vistas Corp makes a weak stock market debut; lists at 17% discount on exchanges

Bhakti Makwana

Cement manufacturer Nuvoco Vistas Corp to raise ₹5,000 crore through IPO

Bhakti Makwana

Nirma Group backed Nuvoco Vistas IPO: Analysts are bullish on the cement sector and recommend the IPO for long term

Bhakti Makwana

Cut the price or wait a bit ⁠— what the market is telling IPO aspirants

Bhakti Makwana

A year after market debut, Paytm is the worst performer among recent large IPOs – Cartrade, Policybazaar and LIC join the party

Rounak Jain

IPOs in FY23 have been fewer but many have fared better than the previous year

Rounak Jain

Online insurance seller Turtlemint turns to international markets, looks to expand its tech team aggressively

Kritti Bhalla