Nuvoco Vistas IPO: Shares traded at a premium of Rs 20-25 in the grey market, the IPO Watch and IPO data showed.
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The public issue of the country’s fifth largest cement maker Nuvoco Vistas Corporation was subscribed 29 percent as it received bids for 1.82 crore equity shares against offer size of 6.25 crore equity shares on August 10, the second day of bidding.
The portion set aside for retail investors is subscribed 51 percent and that of non-institutional investors is only 4 percent subscribed.
Qualified institutional investors have put in bids for 11 percent of the reserved portion.
The largest cement company in East India targets to Rs 5,000 crore through public offer, of which it already mobilised Rs 1,500 crore from anchor investors on August 6, a day before issue opening. The offer comprises a fresh issue of Rs 1,500 crore by the company and an offer for sale of Rs 3,500 crore by promoter.
The company is going to utilise net proceeds from fresh issue for repaying debts (Rs 1,350 crore). The offer will close on August 11.
Also read – Nuvoco Vistas Corporation IPO opens; 10 key things to know
The price band for the IPO has been fixed at Rs 560-570 per share. Its shares traded at a premium of Rs 20-25 in the grey market, the IPO Watch and IPO data showed.
This resulted into a trading price of Rs 590-595, which is higher by just 3.5-4.4 percent over higher end of price band Rs 570 per share.
Nuvoco Vistas is part of the Nirma group which forayed into the cement business in 2014 and thereafter has grown the business through acquisitions of Lafarge India assets in 2016 and Emami Cement in 2020 – which resulted in ballooning of its leverage position, said Antique Stock Broking.
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With the integration of Emami, Green power projects, the company is targeting to unlock synergies (on logistics, pricing, trade mix, procurement) and target increasing EBITDA per tonne by 20 percent over around Rs 950 reported in FY21, the brokerage added.
It operated at 75-80 percent utilization in Covid-hit FY21 and 93 percent in second half of FY21. The company is seeking a market cap near around Rs 20,400 crore in the IPO. “Our Industry interactions suggest that when the DRHP was launched for Nuvoco in May 2021, the ask valuation was much higher and the target valuations have significantly tapered down from those levels. The tapered down market cap expectation of around Rs 20,400 crore implies 18-19x FY21 EV/EBITDA and 9.5-11.5x FY22-FY23e EV/EBITDA – which appears fairly priced, given the exuberance in the sector peers (larger names trading at 10.5-18.5x FY23 EV/EBITDA),” said Antique Stock Broking which recommended subscribing the public issue.
Nuvoco has a total of five integrated units, five grinding units and one blending unit with a total clinker capacity is 11.58 million tonnes per annum and cement grinding capacity is 22.32 million tonnes per annum. It has 17 percent and 4.7 percent capacity of total capacity in East and North regions of India (fast growing markets).
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