India’s fifth largest cement maker Nuvoco Vistas Corporation shares made a weak debut on August 23 as it started off first day trade at a 17.37 percent discount to issue price of Rs 570. The stock opened at Rs 471 on the BSE and at Rs 485 on the National Stock Exchange.
The Rs 5,000-crore initial public offering of the cement maker had seen tepid response from investors during August 9-11 as it was subscribed only 1.71 times largely driven by qualified institutional buyers (QIBs). The issue had received bids for 10.7 crore equity shares against the IPO size of 6.25 crore equity shares.
News Source:- Moneycontrol