Indigo Paints IPO to open on Jan 20th; set price band at Rs. 1,488-1,490/share:
IPO of Indigo Paints: On 22nd January, the three-day initial public offering (IPO) will end. Indigo Paints said in a virtual press conference that the anchor investors’ section would be available for subscription on January 19th. After that, on Thursday, Sequoia Capital-backed Indigo Paints said it had set a price band of Rs. 1,488-1,490 per share for its initial share sale, which will open on 20th January for public subscription.
Moreover, the IPO includes new issuance of stocks totalling Rs. 300 crore. And a bid for sale by private equity firm Sequoia Capital of up to 58,40,000 equity shares through its two funds, SCI Investments IV and SCI Investments V, and promoter Hemant Jalan. Hence, on 22nd January, the three-day initial public offering (IPO) will end. Hence Indigo Paints said in a virtual press conference that the anchor investors’ section would be available for subscription on January 19th.
Similarly, IPO expected to pick up at Rs. 1,170.16 crore at the upper end of the price band which includes Rs. 300 crore through new share issuance and Rs. 870.16 crore through offer-for-sale.
Pune-based Indigo Paints established in 2000:
However, half of the issue is reserved for interested institutional buyers 35% for retail investors, 15% for non-institutional bidders. And up to 70,000 equity shares are reserved for employees who will earn a discount of Rs. 148 per share on the price of the deal. Established in 2000, Pune-based Indigo Paints began manufacturing lower-end cement paints and eventually extended its range to include most water-based paint segments, such as exterior emulsions, interior emulsions, distempers, and primers.
Indigo Paints plans in addition to repayment and prepayment of the company’s borrowings and general corporate purposes. To use the net proceeds for financing capital expenditure at its production facility in Pudukkottai, Tamil Nadu. Kotak Mahindra Capital Firm, Edelweiss Financial Services, and ICICI Securities are the leading managers of the book on the issue.