Indigo Paints initial public offering (IPO) Opens Tomorrow: Key Things To Know

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Indigo Paints IPO Opens Tomorrow: Key Things To Know

The shares are likely to be listed on the BSE Sensex and NSE Nifty on February 2, 2021

Indigo Paints initial public offering (IPO) will open for subscription tomorrow i.e. January 20, 2021. This will be the second public issue to open for subscription in 2021, after the ongoing Indian Railway Finance Corporation IPO. The maiden public issue of Indigo Paints will remain open until January 22. The shares are likely to be listed on the BSE Sensex and NSE Nifty on February 2, 2021.

The bidding for anchor book will take place on January 19.

The IPO of Indigo Paints comprises fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm Sequoia Capital and promoter Hemant Jalan.

Indigo Paints has fixed the price band of the share sale at Rs 1,488-1,490 a share. Investors can bid for a minimum one lot of 10 shares and in multiples, extending up to 13 lots. The public issue will garner Rs 1,170.16 crore at the higher end of the price band.

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Indigo Paints will use the IPO proceeds to expand its manufacturing plant at Pudukkottai in Tamil Nadu, to purchase tinting machines and gyro shakers, and to repay / prepay borrowings.

Headquartered in Pune, Indigo Paints produces a range of decorative paints at its manufacturing facilities in Rajasthan, Kerala and Tamil Nadu.

Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the book running lead managers to the IPO.

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