IPO update: Nuvoco Vistas

Nuvoco Vistas came out with its IPO about two months ago. Value Research's analysis of the IPO can be found here. This follow-up article focuses on the IPO's performance, post-IPO events, and changes in its valuation since then. Our analysis of the IPO We gave a score of 13 out of 27 to this cement manufacturer when it came out with its IPO. Nuvoco is the fastest growing cement company in the country, in terms of capacity, from 2014 to June 2021. The company manufactures over 50 different products in its three verticals: cement, ready-mix concrete, and modern building materials and carries a debt of Rs 6,886 crore. Most of its integrated units have captive power plants (CPP) and waste heat recovery (WHR) systems. Post commissioning of two CPPs, around 70 per cent of the company's power requirement will be met by these in-house power systems. Nuvoco follows a multi-price point strategy with its three cement brands focusing on premiumisation, growing its trade operations, and better geo mix optimisation. The company wants to be an aggressive growth player in the ready-mix concrete business and targets about 100