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Indigo Paints preliminary public providing (IPO) To Open On January 20

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

Indigo Paints’ preliminary public supply (IPO) will open for buying and selling on January 20. The IPO will shut on January 22. Indigo Paints has fastened the value band of the share providing at Rs 1,488-1,490 a share. On the larger finish of the band, the general public problem will garner Rs 1,170.16 crore. The shares are more likely to be listed on the BSE Sensex and NSE Nifty on February 2, 2021.

The IPO of Sequoia Capital-backed Indigo Paints includes recent issuance of shares aggregating to Rs 300 crore and an offer-for-sale of as much as 58,40,000 fairness shares by personal fairness agency Sequoia Capital and promoter Hemant Jalan.

Buyers can bid for a minimal one lot of 10 shares and in multiples, extending as much as 13 tons, amounting to 130 shares.

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

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Indigo Paints is headquartered in Pune. It produces a spread of ornamental paints and has three manufacturing services in Rajasthan, Kerala and Tamil Nadu.

Edelweiss Monetary Providers, ICICI Securities and Kotak Mahindra Capital Firm are the lead managers of Indigo Paints IPO.

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