Indigo Paints IPO garners robust response; subscribed 117 times on final day

PTI | New Delhi | Updated: 23-01-2021 11:40 IST | Created: 22-01-2021 18:19 IST
Indigo Paints IPO garners robust response; subscribed 117 times on final day
Representative Image Image Credit: ANI

Indigo Paints' Rs 1,170-crore initial share-sale garnered an overwhelming response from investors and was subscribed 117 times on the final day of bidding on Friday.

The IPO has received bids for 64.58 crore shares against an offer size of 55.18 lakh shares, translating into a subscription of 117.02 times, data available on the exchanges showed.

The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 189.57 times, while that of non-institutional investor category received 263.05 times subscription and retail portion was subscribed 15.93 times.

Indigo Paints has mopped up Rs 348 crore from anchor investors on Tuesday.

The Rs 1,170.16-crore IPO comprises fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58.40 lakh equity shares by private equity firm Sequoia Capital, through its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan.

The price band was fixed at Rs 1,488-1,490 a share for the initial share-sale, which was open for public subscription during January 20-22.

Proceeds from the fresh issuance of shares would be used for expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu, purchasing of tinting machines and gyro shakers, and repayment/prepayment of borrowings.

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

The Pune-based company manufactures a range of decorative paints and has an extensive distribution network across the country.

As of September 30, 2020, the company had three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



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