Cement maker Nuvoco Vistas Corporation's Rs 5,000 crore initial public offer (IPO) was subscribed 1.71 times on Wednesday, the final day of the bidding process.

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By 5:00 pm, the public offer received bids for 10,70,27,492 shares against the total issue size of 6,25,00,001 shares, marking a subscription of 1.71 times, exchange data showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 4.23 times, and that for non-institutional investors 66 percent. The quota reserved for retail investors saw a 73 percent subscription.

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The Nuvoco IPO was subscribed 29 percent on Tuesday -- the second day of bidding, and 16 percent the previous day. Shares under the IPO were available for bidding in a price band of Rs 560-570 apiece.

The initial public offer, which closed for subscription on Wednesday, was estimated at Rs 5,000 crore, comprising fresh issuance of up to Rs 1,500 crore and an offer for sale of Rs 3,500 crore. The company plans to use the proceeds for the repayment of certain loans and for general corporate purposes.

Nuvoco Vistas is a cement manufacturer with a consolidated capacity of 22.32 million metric tonne per annum. Nuvoco Vistas Corporation -- part of the Nirma Group -- had last week raised Rs 1,500 crore from anchor investors.

Also read: Nuvoco Vistas aims to raise EBITDA/tonne by 25%