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Nirma Group Set to File IPO Papers through Cement Arm its Nuvoco Vistas
Nirma Group’s cement arm Nuvoco vistas has filed for a 
5,000-crore IPO with the market regulator, says the firm in an official states.
The IPO includes a fresh issue of equity shares aggregating to 1,500 crores and an offer for sale aggregating 3,500 crores by the promoter selling shareholder.
The company statement reveals, “As stated in the DRHP, out of the net proceeds the company looks to deleverage its balance sheet by paring off 1350 cr of certain borrowings availed by the company besides general corporate purposes.”
Nuvoco Vistas, in terms of its manufacturing capacity stands to be the fifth largest cement company in India and the largest cement company in East India. As of December 31, 2020 its 11 integrated/blending units across east and north India had an installed cement manufacturing capacity of 22.32 mtpa (million tonnes per annum). Additional expansion of 1.5 & 1.2 mtpa is underway at the Jojobera and Bhabua cement plant.
The announcement said that post acquisition of Nu Vista and merger of the Nimbol cement plant, the firm’s installed capacity in percentage terms doubled over the last five years to make it the fastest growing cement company in terms of capacity addition. Between FY18-20, the companies EBITA and PAT for the year grew at CAGR of nine percent and 68.7 percent respectively, it further adds.
Its cement plants are situated in West Bengal, Bihar, Odisha, Chhattisgarh and Jharkhand in east India and Rajasthan and Haryana in north India, while ready mix concrete (RMX) Plants are located across India.
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