Cement maker Nuvoco Vistas lists at a steep discount to issue price

Cement maker Nuvoco Vistas Corporation made a weak debut on the bourses. The stock got listed at Rs 531, a discount of 17.3 per cent over its issue price. The stock gained a little through the day and eventually closed the session at Rs 531.30, a 6.8 per cent discount to its issue price. Post listing, the company commands a market capitalisation of Rs 18,975 crore.
 
Its Rs 5,000-crore initial public offering (IPO) comprised a fresh issue of Rs 1,500 crore and an offer for sale of Rs 3,500 crore. And the IPO was subscribed 1.71 times. The institutional