Nirma Group-backed Nuvoco files DRHP for Rs 5,000 cr IPO

07 May 2021 CW Team

Nirma Group-backed cement manufacturing company Nuvoco Vistas Corporation Ltd has filed for a draft red herring prospectus (DRHP) to raise Rs 5,000 crore through an initial public offering (IPO).

The cement company will do a fresh issue of equity shares of up to Rs 1,500 crore and its promoter will sell shares of up to Rs 3,500 crore through an offer for sale.

Nuvoco will use the IPO proceeds to repay debt worth Rs 1,350 crore and for general corporate purposes.

Nuvoco Vistas is India's fifth-largest cement maker by manufacturing capacity, according to its statement. It has 11 units across east and north India with an installed capacity of 22.32 million metric tonne per annum.

The company commenced operations in 1999 with the acquisition of the cement business of Tata Steel Ltd (formerly known as TISCO). It was then the India subsidiary of global cement giant Lafarge.

Much of its capacity has been built through acquisitions between 2001 and 2010; it bought the cement business of Raymond Ltd and the ready-mix concrete business of Larsen and Toubro (L&T) Ltd.

In 2016, the company was acquired by Nirma Ltd and subsequently renamed Nuvoco Vistas. Last year, it bought the Emami Group's cement business, with 8.3 million tonnes (mt) per annum capacity.

In the six months ended September 2020, Nuvoco's revenue stood at Rs 2,223 crore versus Rs 3,414 crore in the same period in 2019, and the company made a loss of Rs 58 crore against a profit of Rs 146 crore between April to September 2019. This is according to unaudited financial statements on Nuvosco’s website.

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