Nuvoco Vista Corp (NVCL), India's 5th largest cement manufacturer (22mt capacity) is coming out with an IPO to raise Rs50bn. IPO size is ~25% of post issue equity with promoter selling stake of Rs35bn and fresh issue of Rs15b. NVCL operates in East region (70% of capacity) and has highest capacity market share of 17% in the region. Company has increased its capacity from ~2.5mtpa in FY16 to 22mtpa in FY21 by way of acquisition (~85% of capacity is inorganic addition). NVCL has plan of organic expansion in east of 2.7mtpa (12% addition) over FY22E and FY23E. We understand NVCL IPO at upper band is priced at 10x FY23E EV/EBITDA or EV/t of USD131 (exhibit 5). Valuation is...