Nuvoco Vistas Corporation
Mainboard₹5,000 Cr issue
-17.37%
Listing gain over issue price
Issue size
₹5,000 Cr
1 lot at cut-off
₹14,820
Lot size
26shares
Open
09 Aug 2021
Close
11 Aug 2021
Allotment
17 Aug 2021
Listing
23 Aug 2021
Listing performance
Issue price
₹570
Listed at
₹471
Listing-day close
₹531.70
Latest price
₹330.60
Close on 23 Oct 2026
Listing gain
-17.37%
Return since issue
-42.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 Aug 2021 – 11 Aug 2021
- Listing date
- 23 Aug 2021
- Face value
- ₹10 per share
- Issue price
- ₹570 per share
- Lot size
- 26 shares
- Total issue size
- ₹5,000 Cr
- Market cap at offer price
- ₹20,358 Cr
- Promoter holding
- 95.24% → 71.03% pre-issue → post-issue
- ISIN
- INE118D01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Equinox Business Park, Tower 3, East Wing, 4th Floor, LBS Marg, Kurla (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,63,15,788 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 26 shares per lot, in multiples, at ₹570
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 26 | ₹14,820 |
| Retail (max) | 13 | 338 | ₹1,92,660 |
| S-HNI (min) | 14 | 364 | ₹2,07,480 |
| S-HNI (max) | 67 | 1,742 | ₹9,92,940 |
| B-HNI (min) | 68 | 1,768 | ₹10,07,760 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,63,15,788
Anchor portion
₹1,500 Cr
at ₹570 per share
Valuation and performance
Valuation at offer price
₹570 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹20,358 Cr |
About Nuvoco Vistas Corporation
Nuvoco Vistas Corporation Limited (originally incorporated as Infra Cement India Private Limited in 1999, later renamed through various corporate transactions including acquisition of NU Vista Limited in July 2020) is a cement and ready-mixed concrete manufacturer. The company operates through a combination of integrated cement units, grinding units, and blending units across eastern and northern India. With 11 cement plants comprising five integrated units, five grinding units and one blending unit, the company has a consolidated cement production capacity of 22.32 MMTPA. As of December 31, 2020, the company constituted approximately 4.2% of total cement capacity in India, 17% of total cement capacity in East India and 5% of total cement capacity in North India. The company also operates 49 RMX plants across India. Revenue for fiscal 2021 was ₹74,888.40 million.
Company Analysis
from RHPNuvoco Vistas Corporation Limited is the fifth largest cement manufacturer in India and largest in East India, operating 11 cement plants with a consolidated capacity of 22.32 MMTPA, and also operates 49 ready-mixed concrete plants across India.
Nuvoco Vistas Corporation Limited (originally incorporated as Infra Cement India Private Limited in 1999, later renamed through various corporate transactions including acquisition of NU Vista Limited in July 2020) is a cement and ready-mixed concrete manufacturer. The company operates through a combination of integrated cement units, grinding units, and blending units across eastern and northern India. With 11 cement plants comprising five integrated units, five grinding units and one blending unit, the company has a consolidated cement production capacity of 22.32 MMTPA. As of December 31, 2020, the company constituted approximately 4.2% of total cement capacity in India, 17% of total cement capacity in East India and 5% of total cement capacity in North India. The company also operates 49 RMX plants across India. Revenue for fiscal 2021 was ₹74,888.40 million.
cement manufacturingready-mixed concrete
Objects of the Issue
- Repayment/prepayment/redemption, in full or part, of certain borrowings availed of by our Company ₹13,500.00 million p.21
- General Corporate Purposes ₹1,050.40 million p.21
- Repayment/prepayment/redemption of certain borrowings p.64
- General corporate purposes p.64
- Repayment/prepayment/redemption, in full or part, of certain borrowings availed of by our Company ₹13,500.00 million p.105
- General corporate purposes ₹1,050.40 million p.105
- Not stated in this part
Issue Structure
- Total Issue
- ₹50,000.00 million
- Fresh Issue
- ₹15,000.00 million (26,315,789 Equity Shares)
- Offer for Sale
- ₹35,000.00 million (61,403,508 Equity Shares by Niyogi Enterprise Private Limited)
- Price Band
- ₹560 to ₹570 per Equity Share
- Lot Size
- 26 Equity Shares and in multiples of 26 Equity Shares (Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures and sells cement products (including ordinary portland cement, portland pozzolana cement, and portland slag cement) and ready-mixed concrete. Revenue is primarily generated from the sale of manufactured cement and RMX products. The company operates integrated cement manufacturing units (with captive limestone mines), grinding units, and ready-mixed concrete plants. The business is dependent on demand from infrastructure, housing, and commercial real estate sectors.
Business Segments
Manufacturing and sale of cement products through 11 cement plants (5 integrated units, 5 grinding units, 1 blending unit) with consolidated capacity of 22.32 MMTPA
Manufacturing and sale of ready-mixed concrete through 49 RMX plants across India
Manufactures and sells cement products including Duraguard, Duraguard-MF, Double Bull, Concreto, and PSC brands to both trade segment (individual home owners through distribution network) and non-trade segment (institutional and bulk buyers)
Produces and sells ready-mix concrete under brands Instamix and Artiste, with higher receivables compared to cement business as higher proportion of RMX sales are made on credit terms
Sources finished products from third-party suppliers and sells modern building materials including Zero M Poly Rich Wall Putty and Zero M Integrated Water Proofing Compound
The consolidated entity manufactures cement with well recognised brands Concreto, Duraguard and Double Bull. The Company has 5 integrated plants, 5 grinding units and one blending unit across North and East locations. Plants are state of the art with the Mejia Plant having one of the lowest specific energy consumption in the entire industry.
The company's RMX business has pan-India presence offering specialised products like Artiste and InstaMix. The company has over 49 plants as of March 2021. Recently launched innovative products like InstaMix Mortare and InstaMix Microne.
The Modern Building Materials (MBM) product range under the Zero M and InstaMix brands comprises of construction chemicals, multipurpose bonding and waterproofing agents, Wall Putty, Tile Adhesive, Ready Mix Dry Plaster and Cover Blocks.
Manufacturing and selling various types of cement including Ordinary Portland Cement (OPC), Portland Slag Cement (PSC), Portland Pozzolana Cement (PPC) and Portland Composite Cement (PCC) under brands including Concreto, Duraguard, Premium Slag Cement, Nirmax, Double Bull, Infracem and Procem
Manufacturing and selling ready-mix concrete products including self-compacting concrete, decorative concrete, ready-to-use concrete, crack-resistant concrete, concrete with steel fibers, and lean concrete under brands Concreto, Instamix, Artiste and X-Con
Manufacturing and selling construction chemicals, tile adhesives, wall putty, dry plaster, cover blocks and dry concrete under Zero M and Instamix brands
Manufacturing and sale of cement products including Portland cement and special cement variants
Manufacturing and supply of ready-mix concrete to construction projects and infrastructure developments including metro railway projects
Trading and manufacturing of aggregates and cementitious products
Manufacture and sale of cement
Manufacture and sale of cement
Manufacture and sale of ready-mix concrete
Manufacturing and sale of cement products including Ordinary Portland Cement (OPC), Portland Slag Cement (PSC), Portland Pozzolana Cement (PPC), and Portland Composite Cement (PCC) under brands including Concreto, Duraguard, Premium Slag Cement, Nirmax, Double Bull, Infracem and Procem.
Manufacturing and sale of ready-mix concrete (RMX) products under brands including Concreto, Instamix, Artiste and X-Con range of products, including self-compacting concrete, decorative concrete, ready-to-use concrete, crack-resistant concrete, concrete with steel fibers, and lean concrete.
All segments other than Cement and Concrete divisions, including modern building materials and other products.
Manufacture and sale of Portland cement
Manufacture and sale of ready-mix concrete
Mining of limestone for cement production
SWOT Analysis
Strengths
- • Fifth largest cement producer in India with strong regional dominance in East India(p.21)
- • Diversified geographic footprint across East and North India with 11 cement plants and 49 RMX plants(p.21)
- • Significant market share with 4.2% of total India cement capacity as of December 2020(p.21)
- • Leading position in Ready-Mix Concrete (RMX) segment(p.21)
- • Diversified geographic presence across key cement markets(p.45)
- • Modern manufacturing facilities with technological upgrades(p.57)
- • Strong brand portfolio across cement and RMX segments(p.52)
- • Significant captive power generation capacity(p.57)
- • Largest cement manufacturer in East India by capacity(p.114)
- • Market-leading cement brands with strong recognition(p.114)
- • Strategic proximity of plants to raw materials and key markets(p.114)
- • Diversified sales and distribution network with multiple product lines(p.114)
- • Recent acquisition of NU Vista expanding capacity and market share(p.114)
- • Strong R&D and technological capabilities(p.114)
- • Experienced promoter and professional management team(p.114)
- • Largest cement manufacturer in East India by capacity with strong regional presence(p.166)
- • Strategic plant locations with proximity to key raw materials and rail/road connectivity(p.167)
- • Extensive captive limestone reserves securing long-term supply(p.192)
- • Diversified product portfolio across cement, RMX and modern building materials(p.164)
- • Significant captive power generation reducing energy costs(p.194)
- • Strong R&D capabilities with NABL-accredited innovation centre(p.168)
- • Experienced promoter with established Nirma Group backing(p.168)
- • Market-leading premium cement brands with strong brand recognition(p.164)
- • Established infrastructure with multiple operational cement plants and comprehensive product portfolio(p.214)
- • Strong track record of successful acquisitions and business integrations over two decades(p.214)
- • Diversified business operations across cement, ready-mix concrete, and aggregates segments(p.265)
- • Recognition for innovation, safety, and corporate social responsibility across multiple years(p.214)
- • Captive power generation capacity to support operations(p.214)
- • Fifth largest cement company in India with strong regional dominance in East India(p.360)
- • Rapid capacity expansion and industry-leading growth rate(p.361)
- • Strategic plant locations with captive mining reserves and rail connectivity(p.361)
- • High-capacity utilization and operational efficiency with waste heat recovery systems(p.360)
- • Strong distribution network with established dealer base(p.361)
- • Market-leading brands with premium pricing power(p.361)
Weaknesses
- • High contingent liabilities representing 26.60% of net worth(p.39)
- • Significant outstanding litigation representing 18.95% of net worth(p.39)
- • High financial indebtedness with total borrowings of ₹71,302.18 million as of June 30, 2021(p.40)
- • Majority of debt with variable interest rates at 66.81% of total outstanding debt(p.42)
- • Recent acquisition of NU Vista with integration risks(p.37)
- • High dependence on trade segment customers exposed to economic downturns(p.46)
- • Reliance on limited number of key raw material suppliers(p.50)
- • Historical losses affecting profitability(p.56)
- • Missing historical corporate records creating legal uncertainty(p.48)
- • Ongoing litigation regarding government incentives(p.49)
- • Negative EPS and profitability in recent fiscal years(p.114)
- • Negative return on net worth indicating poor capital deployment(p.114)
- • High financial indebtedness requiring significant debt repayment(p.106)
- • Smaller consolidated market share compared to larger industry peers(p.133)
- • Declining capacity utilization post-NU Vista acquisition(p.164)
- • High debt levels increasing financial risk(p.165)
- • Negative PAT margins and profitability challenges(p.165)
- • Declining ROCE indicating capital efficiency concerns(p.165)
- • Below-average realization prices versus industry peers(p.162)
- • Multiple pending mining lease issues affecting future supply security(p.192)
- • Significant debt burden requiring substantial interest payments(p.259)
- • Recent operational losses impacting profitability(p.260)
- • Loss-making joint venture with ongoing contingencies(p.247)
- • Dependency on recent acquisition (NU Vista) for revenue diversification and growth(p.265)
- • Finance costs represent material portion of expenses, limiting net profitability(p.260)
- • High debt burden and leverage following NU Vista acquisition(p.362)
- • High floating rate exposure increasing interest rate sensitivity(p.333)
- • Substantial contingent litigation liabilities including competition law penalty(p.342)
- • Disputed government incentives subject to ongoing litigation(p.342)
- • Loss of profitability in fiscal 2021 despite consolidation gains(p.378)
- • Significant contingent liabilities from stamp duty disputes(p.342)
- • Multiple environmental compliance violations and show cause notices across cement plants(p.390)
- • Significant pending litigation relating to land disputes and title discrepancies(p.399)
- • Substantial direct and indirect tax demands pending(p.400)
- • High outstanding dues to creditors and MSMEs(p.414)
- • Numerous worker safety violations and criminal proceedings against employees(p.389)
- • Substantial penalty imposed by Competition Commission(p.406)
Opportunities
- • Indian cement demand expected to grow at 6-7% CAGR from FY2021 to FY2026(p.43)
- • Strategy to expand manufacturing capacity and geographic footprint(p.36)
- • RMX business expansion opportunity as a leading manufacturer(p.21)
- • Infrastructure and housing sector growth driving cement demand(p.43)
- • Government spending on infrastructure development(p.69)
- • Introduction of new innovative product brands(p.53)
- • Expansion into modern building materials segment(p.45)
- • Growing demand from housing and infrastructure sectors(p.45)
- • Expected robust cement demand growth in Eastern region(p.135)
- • Growth from government infrastructure spending and rural housing programs(p.128)
- • Expansion of Ready-Mix Concrete (RMC) business with innovative products(p.134)
- • Growing modern building materials segment offering higher margins(p.134)
- • Projected India cement demand CAGR of 6-7% over next five years(p.128)
- • East India as fastest-growing cement market providing volume expansion potential(p.167)
- • Infrastructure spending and urbanization driving cement demand(p.161)
- • Shift toward higher-margin blended cements with growth potential(p.159)
- • Underpenetrated modern building materials market with significant growth headroom(p.162)
- • Expansion into high-growth West and Central India markets(p.168)
- • Capacity expansion opportunities at existing plants to improve utilization(p.169)
- • Emerging RMX market penetration opportunity in tier-2 cities(p.168)
- • Integration of NU Vista subsidiary acquisition to achieve operational synergies and market consolidation(p.221)
- • Capacity expansion in integrated and grinding units to capture growing market demand(p.215)
- • Established presence in infrastructure projects with demonstrated supply capability(p.214)
- • Development and commercialization of innovative products through CDIC(p.214)
- • Nirma cement undertaking acquisition providing limestone mines and operational integration benefits(p.216)
- • Expansion in fastest-growing cement market with infrastructure focus(p.364)
- • Planned capacity expansion to capture rising demand(p.364)
- • Growth in nascent Ready Mix Concrete market with rising urbanization(p.366)
- • Expansion opportunity in West India using existing limestone reserves(p.365)
- • Debottlenecking initiatives to increase production without major capex(p.365)
- • Government support through industrial policy incentives(p.365)
Threats
- • COVID-19 pandemic has materially impacted operations and demand with uncertain recovery timeline(p.29)
- • Dependence on limestone mining with regulatory and supply risks(p.31)
- • Recent mining regulations (Amendment Act, 2021) may lapse mining lease rights(p.33)
- • Volatility in coal, raw materials and fuel prices outside company control(p.35)
- • Intense competition from larger, better-capitalized competitors(p.44)
- • Regional concentration risk with majority operations in East and North India(p.44)
- • Downturn risk in cement-consuming sectors affecting demand(p.43)
- • Concentration of manufacturing in specific geographic regions vulnerable to disruption(p.45)
- • Operational hazards and safety risks in manufacturing and mining(p.45)
- • Increasing environmental regulations and compliance costs(p.47)
- • Cyclicality and seasonality of cement industry affecting demand(p.53)
- • Rising royalty expenses and government levies on mining(p.46)
- • Dependence on adequate power and water supply(p.57)
- • Exposure to foreign exchange fluctuations(p.59)
- • Potential replacement of cement by substitute materials(p.58)
- • Anti-competitive regulatory action and price fixing allegations(p.54)
- • Expected significant capacity additions in Eastern region pressuring utilization(p.137)
- • Pan-India cement industry facing price pressures from competition(p.155)
- • Rising input costs for coal, pet coke and diesel impacting margins(p.155)
- • Industry cyclicality and external economic disruptions(p.106)
- • COVID-19 pandemic impact on construction activities and labor availability(p.125)
- • Intense competition from larger national cement players(p.198)
- • Regulatory changes impacting petcoke availability and costs(p.159)
- • Mining lease lapsing risks from recent Amendment Act changes(p.192)
- • Volatility in coal and fuel prices affecting production costs(p.193)
- • Environmental compliance and pollution control regulation risks(p.197)
- • Declining real estate demand reducing cement consumption(p.161)
- • Risk of unanticipated delays and cost overruns in capacity expansion projects(p.215)
- • Coal block de-allocation affecting joint venture's access to critical raw materials(p.247)
- • Industry cyclicality and regulatory exposure impacting cement demand and pricing(p.252)
- • Dependence on cement market performance with exposure to commodity price fluctuations(p.260)
- • Group company losses creating potential reputational and financial risks(p.249)
- • Intense competition and pricing pressure in fragmented cement market(p.365)
- • Seasonal demand volatility and monsoon-related disruptions(p.365)
- • Exposure to volatile raw material and power costs(p.364)
- • Continued COVID-19 disruption impacting construction demand(p.363)
- • Macroeconomic slowdown risk affecting demand(p.363)
- • Regional economic dependency and government spending variability(p.364)
- • Business subject to seasonal variations during monsoon(p.386)
- • Competitive operating environment(p.386)
- • Regulatory oversight by Competition Commission(p.391)
- • Extensive environmental and pollution control board scrutiny(p.395)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Niyogi Enterprise Private Limited | Corporate Promoter | 82.43% | — |
| Dr. Karsanbhai K. Patel | Individual Promoter | — | — |
| Dr. Karsanbhai K. Patel | Individual Promoter | 7.55% | — |
| Mr. Hiren Patel | Promoter Group | 2.55% | — |
| Promoter Selling Shareholder | Promoter Selling Shareholder | — | — |
| Niyogi Enterprise Private Limited | Promoter | 82.43% | 59.17% |
| Dr. Karsanbhai K. Patel | Promoter | 7.55% | 7.00% |
| Dr. Karsanbhai K. Patel | Individual Promoter | — | — |
| Niyogi Enterprise Private Limited | Corporate Promoter | 82.43% | — |
| Dr. Karsanbhai K. Patel | Individual Promoter | — | — |
| Niyogi Enterprise Private Limited | Holding Company | — | 82.52% |
| Shri. Karsanbhai Khodidas Patel | Promoter | — | 10.31% |
| Dr. Karsanbhai K. Patel | Promoter | — | — |
| Nirma Limited | Promoter/Promoter Group | — | — |
| Promoter Selling Shareholder | Promoter Selling Shareholder | — | — |
| Niyogi Enterprise Private Limited | Promoter | — | — |
Leadership
Hiren Patel · Chairman
Jayakumar Krishnaswamy · Managing Director
Maneesh Agrawal · Chief Financial Officer
Shruta Sanghavi · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Nuvoco Vistas Corporation IPO FAQs
What is the lot size of Nuvoco Vistas Corporation IPO?
The minimum lot size of Nuvoco Vistas Corporation IPO is 26 shares. One lot costs ₹14,820 at the cut-off price.
When does Nuvoco Vistas Corporation IPO open and close?
Nuvoco Vistas Corporation IPO opened for subscription on 09 Aug 2021 and closed on 11 Aug 2021.
What is the listing date of Nuvoco Vistas Corporation IPO?
Nuvoco Vistas Corporation IPO listed on 23 Aug 2021.