Nuvoco Vistas listing below issue price? Check Anil Singhvi's views and strategy for this share

Ahead of its listing today, Zee Business Managing Editor and market guru Anil Singhvi expects Nuvoco Vistas may make a market debut below its issue price. The three-day initial public offer between 9-11 August 2021, was overall subscribed 1.71 times. 

The managing editor said, “Expected to list below the issue price of Rs 570 per share, suggesting the long-term investors can enter at lower levels if falls by 10 to 20 per cent below issue price.” 

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The company's IPO received bids for 10,70,27,492 shares against 6,25,00,001 shares on offer, as per the data available on the exchanges 

The portion for Qualified Institutional Buyers (QIBs) was subscribed 4.23 times, non-institutional investors 66 per cent and Retail Individual Investors (RIIs) 73 per cent.  

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The initial public offer aggregating up to Rs 5,000 crore had a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore. The price band of the three-day IPO is at Rs 560-570 apiece.  

Nuvoco Vistas was founded in 2001 and provides pharmaceutical development services, large-scale manufacturing services to its customers in India and overseas.    

In his IPO preview, the market guru had advised investors to refrain from investing in this IPO. Investors with a long-term view on this company must only apply, he added saying that the view should at least be for 3 years.    

The valuations of the shares are quite expensive in terms of revenue growth and market cap, the Market Guru said. There are many alternatives to this cement company, he further said.   

In the pre-open indicative price on the BSE, the shares of Nuvoco Vistas listed below issue price down over 18 per cent or Rs 105 per share to Rs 465 per share at around 09:40 am today.