Nuvoco Vistas files DRHP for Rs 5,000 cr IPO

New Delhi: Nuvoco Vistas, a Nirma Group backed company, has filed draft red herring prospectus (DRHP) with the markets regulator SEBI for an IPO of Rs 5,000 crore. 

The company proposes to issue fresh shares worth about Rs 1,500 crore through the IPO. Its promoter company Niyogi Enterprises Ltd proposes to sell shares worth Rs 3,500 crore in offer for sale.

The company will utilise most of the proceeds from the IPO to pare down its debt. Part of it will also be used for general purposes. The company had total borrowings of Rs 7,642 crore, as on March 31 2021.

Nuvoco Vistas is looking at a valuation of around Rs 35,000 crore after the IPO. 

JP Morgan India, ICICI Securities, SBI Capital Markets, Axis Capital and HSBC Securities and Capital Markets are the book running lead managers for the IPO.