Quote on Nuvoco Vista IPO sails through on the 3rd Day by Milan Desai, Angel Broking Ltd
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Below is quote on Nuvoco Vista IPO sails through on the 3rd Day by Milan Desai, Lead Equity Analyst, Angel Broking
Nuvoco Vistas Corp IPO Sails through on the last day
Nuvoco Vistas Corp’s IPO has been subscribed by 1.71x on the last day of the IPO period. The retail Investors portion was subscribed 0.73x and Non-Institutional Investors portion was subscribed 0.66x but 4.23x subscription by the QIBs resulted in oversubscription. NVCL’s IPO opened along with CarTrade Tech Ltd’s IPO which was subscribed 20.29x. CarTrade’s business model being asset-light and highly scalable differs from that of Nuvoco Vistas’ and was more likely to garner the investor attention. Nuvoco on the other hand has aggressively added capacities in the East and provides good exposure to the cement sector. Improved profitability post the integration of the Emami unit and deleveraging over the next few years would be the key triggers for the stock.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
