Indigo Paints makes impressive market debut; shares zoom over 109 pc

Shares of Indigo Paints on Tuesday made an impressive market debut and jumped over 109 per cent at close of trade against its issue price of Rs 1,490.

The stock got listed at Rs 2,607.50, registering a sharp gain of 75 per cent against its issue price on BSE. Later, it zoomed 110 per cent to Rs 3,129 during the day. It finally closed at Rs 3,118.65, rising 109.30 per cent.

On NSE, it listed at Rs 2,607.50, jumping 75 per cent and then closed with a gain of 109.20 per cent at Rs 3,117.15.

The company's market valuation was at Rs 14,835.11 crore on BSE.

In volume terms, 10.36 lakh shares were traded at BSE and over 1.26 crore on NSE.

Indigo Paints' Rs 1,170-crore initial share-sale last month garnered an overwhelming response from investors and was subscribed 117 times.

The price range for the offer was fixed at Rs 1,488-1,490 per share.

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

The offer was open for subscription during January 20-22.