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IPO Alert: After Nuvoco Vistas Corp, now Penna Cement files for DRHP to raise Rs 1,550 crore

: Saturday, May 15, 2021, 12:26 AM IST IPO Alert: After Nuvoco Vistas Corp, now Penna Cement files for DRHP to raise Rs 1,550 crore IPO Alert: After Nuvoco Vistas Corp, now Penna Cement files for DRHP to raise Rs 1,550 crore Penna Cement Industries Ltd on Friday filed a draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI). The company is planning to raise around Rs 1,550 crore through this route of fund raising. The funds raised through the initial public offering (IPO) will be used to pay debts of up to Rs 550 crore. As of March 2021, the total borrowings of the company was at Rs 1,351.9 crore. The net worth of the company is Rs 1,157.1 crore and the revenue of the company was at 2, 476.3 crore. Meanwhile, profit after tax of the company was at Rs 152 crore.

ipo: After bumper 2020, India s IPO mart in pause Issues may come flooding soon

Last financial years most rewarding IPOs included Happiest Minds, Chemcon Speciality Chemicals, Route Mobile, Burger King, Mrs. Bectors Food, Indigo Paints, Mtar Technologies, which doubled investors wealth on the listing day. The average listing gains from the IPOs of 2020 stood at 61 per cent, best since 2007.

Nuvoco Vistas, the cement arm of the Nirma Group, Files IPO Papers

Nuvoco Vistas has cement plants across Chhattisgarh, Rajasthan, Haryana and West Bengal Nuvoco Vistas Corporation, the cement arm of the Nirma Group, has filed its DRHP (draft red herring prospectus) with SEBI for a Rs 5,000 crore initial public offer (IPO). This is a significant development for the cement sector as Burnpur Cement was the last cement listing on the Indian bourses way back in November 2007. Nirma was de-listed from the stock exchanges nine years ago, although it continues to be a household detergent brand across the country. Nuvoco Vista  IPO will consist of a fresh issue of shares worth up to Rs 1,500 crore and an offer for sale amounting to Rs 3,500 crore.

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