Indigo Paints IPO To Open On January 20

Edited by Peter Noronha (with inputs from agencies)

17 Jan 2021, 05:59 PM IST

Indigo Paints will use the IPO proceeds to expand its manufacturing facility at Pudukkottai in Tamil Nadu

Indigo Paints' initial public offer (IPO) will open for trading on January 20. The IPO will close on January 22. Indigo Paints has fixed the price band of the share offering at Rs 1,488-1,490 a share. At the higher end of the band, the public issue will garner Rs 1,170.16 crore. The shares are likely to be listed on the BSE Sensex and NSE Nifty on February 2, 2021.

The IPO of Sequoia Capital-backed 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.

Investors can bid for a minimum one lot of 10 shares and in multiples, extending up to 13 lots, amounting to 130 shares.

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

Indigo Paints is headquartered in Pune. It produces a range of decorative paints and has three manufacturing facilities in Rajasthan, Kerala and Tamil Nadu.

Edelweiss Financial Services, ICICI Securities and Kotak Mahindra Capital Company are the lead managers of Indigo Paints IPO.