India’s fifth-largest cement maker Nuvoco Vistas Corporation is expected to see a tepid listing on the stock Exchanges despite strong outlook for the sector, as the market environment turned weak due to weak global cues, overvaluations and rising Covid cases globally. Nuvoco Vistas shares will be listed at the Bombay Stock Exchange and National Stock Exchange on Monday. Ahead of the listing, Nuvoco share price in the grey market is weak, hinting at a flat or negative listing.
It was on August 9 that Nuvoco Vistas IPO opened for subscription. It was subscribed 1.71 times of its offer. The company's IPO received bids for 10,70,27,492 shares against 6,25,00,001 shares on offer, according to data available with the exchanges. The price band of the public issue was from Rs 560 to Rs 570. The portion for Qualified Institutional Buyers(QIBs) was subscribed 4.23 times, non-institutional investors 66 per cent and Retail Individual Investors 73 per cent.
In the grey market, unlisted shares of Nuvoco Vistas are commanding a marginal premium of Rs 5-6 per share over the issue price of Rs 570 apiece.