Nuvoco Vistas, CarTrade issues close today

Our Bureau Chennai | Updated on August 11, 2021

Aptus Value, Chemplast Sanmar enter second day

Today is the last day for the subscription of Nuvoco Vistas Corporation and CarTrade Tech.

Nuvoco Vistas Corporation’s initial public offering was subscribed just 29 per cent on the penultimate day of the issue subscription on Tuesday. The IPO received bids for 1.825 crore shares against 6.25 crore shares on offer, according to exchange data. The category for retail individual investors (RIIs) was subscribed 51 per cent and non-institutional investors 4 per cent. QIB quota received bids for 11 per cent.

The issue consists of a fresh issue of Rs 1,500 crore and an offer for sale of Rs 3,500 crore. Investors can bid in a price band of Rs 560-570 a share in a lot size of 26 equity shares.

Nuvoco Vistas had raised Rs 1,500 crore from anchor investors ahead of the IPO. Over 40 investors have participated in the anchor book, including marquee foreign portfolio investors and domestic investors. The company allocated nearly 2.63 crores equity shares in the upper band of Rs 570 a share to anchor investors on Friday.

Domestic investors included SBI MF, SBI Life Insurance, IPru MF, Nippon MF, Axis MF, HDFC Life, Mirae MF, Franklin Templeton MF, Premji Invest and SBI Pension Fund. Foreign portfolio investors such as APG AM, CI Funds, TT International, Carmignac and Wells Capital have participated in the anchor book.

Nuvoco Vistas Corporation is one of the largest cement companies in India. As of March 2021, the company had 11 cement plants with a consolidated installed manufacturing capacity of 22.32 mtpa. The company has a dedicated Construction Development and Innovation Centre located in Mumbai. This NABL-accredited facility serves as the incubation centre for innovative products across the cement, ready mix concrete and modern building materials businesses.

ICICI Securities Ltd, Axis Capital Ltd, HSBC Securities and Capital Markets (India) Private Ltd, JP Morgan India Private Ltd and SBI Capital Markets Ltd are the book-running lead managers to the Offer.

CarTrade IPO sails through

The IPO of CarTrade Tech was subscribed 99 per cent on Monday, the second day of subscription. The Rs 2,998.51-crore IPO received bids for 1.28 crore shares against about 1.30 crore shares on offer, as per exchange data. The retail individual investors (RIIs) category was subscribed 1.53 times, non-institutional investors 0.27 times and Qualified Institutional Buyers (QIBs) by 0.59 times.

The IPO, priced at Rs 1,585-1,618 a share, closes on August 11. Investors can bid for a minimum of 9 equity shares and in multiple of 9 equity shares thereafter.

The public issue of 1.85 crore shares is a complete offer for sale by existing selling shareholders. Investors CMDB II will sell 22,64,334 equity shares through IPO, Highdell Investment 84,09,364 equity shares, MacRitchie Investments Pte Ltd 50,76,761 equity shares, and Springfield Venture International 17,65,309 equity shares.

Anchor investors

CarTrade Tech raised Rs 900 crore from anchor investors ahead of its initial public offering on Friday.

Among the anchor investors were Nomura, HSBC Global, Goldman Sachs, Jupiter India Fund, Elara India Opportunities Fund, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, Bharti Axa Life Insurance Company, Axis Mutual Fund (MF), HDFC MF, Kotak MF and Sundaram MF.

CarTrade is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands - CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.

Chemplast Sanmar issue subscribed 16%

The Rs 3,850-crore Chemplast Sanmar IPO, in a price band at Rs 530-541 a share, was subscribed 16 per cent on the first day. The subscription closes on August 12. The market lot is 27 shares.

The IPO comprises a fresh issue of Rs 1,300 crore by the company, and an offer for sale of Rs 2,463.4 crore by promoters, Sanmar Holdings and Sanmar Engineering Services.

The retail individual investors (RIIs) category was subscribed 0.84 time, non-institutional investors 0.03 times. Qualified Institutional Buyers (QIBs) are yet to bid.

Anchor investors

The company on Monday raised Rs 1,732.5 crore from anchor investors by allotting 3.20 crore shares at Rs 541 a share, it said in its BSE filing. Marquee investors who participated in the anchor book were Abu Dhabi Investment Authority, Amundi Funds, Government Pension Fund Global, Best Investment, Corporation, Jupiter India Fund, Neptune Investment, Volrado Venture, Kuber India Fund, CLSA, Public Sector Pension Investment Board, Segantii India Mauritius, Copthall Mauritius, Moon Capital, Goldman Sachs, Tara Emerging Asia, Nomura, and Societe Generale.

Domestic investors including SBI Mutual Fund, Axis Mutual Fund, Mirae Asset, ICICI Prudential, HDFC Life Insurance, HDFC Trustee, Nippon Life, Franklin India, Aditya Birla Sun Life, Sundaram Mutual Fund, IDFC, JM Financial, IIFL Special Opportunities Fund, and Edelweiss also invested in the company.

Net proceeds

The net proceeds from the fresh issue will be utilised for early redemption of non-convertible debentures (Rs 1,238.25 crore), besides general corporate purposes.

Chemplast is a speciality chemicals manufacturer with a focus on speciality paste PVC (polyvinyl chloride) resin and custom manufacturing of starting materials and intermediates for the pharmaceuticals, agro-chemicals and fine chemicals sectors. It is one of the leading manufacturers of speciality paste PVC resin in India on the basis of installed production capacity, as of December 2020.

Aptus Value Housing

The Rs 2,780-crore Aptus Value Housing Finance India was subscribed 24 per cent on the first day of the issue opening on Tuesday. The IPO closes on Thursday. The price band for the offer is Rs 346–353 a share of face value Rs 2 each. The market lot is 42 shares.

The offer comprises a fresh issuance of equity shares aggregating up to Rs 500 crore and an offer-for-sale of equity shares aggregating to 6,45,90,695 shares by the selling shareholders. The proceeds from the offer will be utilised for augmenting tier 1 capital requirements.

The retail individual investors (RIIs) category was subscribed 0.33 times, non-institutional investors 0.01 times and Qualified Institutional Buyers (QIBs) 0.25 times.

Anchor investors

Aptus Value Housing Finance India, one of the largest housing finance companies in South India in terms of assets under management and having the largest branch network in the South among the peer set, has raised Rs 834 crore from 21 anchor investors. The company informed the bourses that it has allocated 2,36,26,500 shares at Rs 353 a share on Monday to anchor investors.

Twelve FPIs including Capital Research, Genesis, Neuberger Berman, Nomura, Universities Superannuation Scheme (USS), Steadview, Ward Ferry and Aberdeen were allocated shares worth Rs 710.10 crore; nine domestic investors (including 3 mutual Funds, 5 AIFs and 1 life insurance company) were allocated a total of 35,10,558 shares for approximately Rs 123.9 crore.

Published on August 11, 2021

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