Report
EUR 88.49
For Business Accounts Only
Nuvoco Vistas (NV) is the fifth largest cement company in India and the largest cement company in East India, in terms of capacity. It had a total consolidated capacity of 22.32 MMTPA across 11 cement plants, comprising five integrated units, five grinding units and one blending unit. It also operates a RMX business with 49 RMX plants across India. As of Dec 2020, its cement production capacity constituted approximately 4.2% of total cement capacity in India and 17% of total cement capacity in East India.
The company’s past revenue growth has been subdued, largely owing to COVID-19 impact. Although, it has managed to expand its EBITDA margin, especially in FY20, thus shoring up EBITDA growth.
However, there is nothing particularly alluring about the stock that makes it stand out versus its peers.
In this note, we will run the deal through our ECM framework and talk about pricing
Nuvoco Vistas IPO
Nuvoco Vistas (NV) aims to raise around US$673m in its India IPO. It is promoted by the Nirma Group and has recently acquired Emami’s cement business.Nuvoco Vistas (NV) is the fifth largest cement company in India and the largest cement company in East India, in terms of capacity. It had a total consolidated capacity of 22.32 MMTPA across 11 cement plants, comprising five integrated units, five grinding units and one blending unit. It also operates a RMX business with 49 RMX plants across India. As of Dec 2020, its cement production capacity constituted approximately 4.2% of total cement capacity in India and 17% of total cement capacity in East India.
The company’s past revenue growth has been subdued, largely owing to COVID-19 impact. Although, it has managed to expand its EBITDA margin, especially in FY20, thus shoring up EBITDA growth.
However, there is nothing particularly alluring about the stock that makes it stand out versus its peers.
In this note, we will run the deal through our ECM framework and talk about pricing
Underlying
NUVOCO VISTAS CORP LTD
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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