Indigo Paints IPO to open on January 20, price band set at Rs 1,480-1,490

Indigo Paints IPO to open on January 20, price band set at Rs 1,480-1,490
Picture Supply : ANI

Indigo Paints IPO to open on January 20, price band set at Rs 1,480-1,490

 Sequoia Capital-backed Indigo Paints, on Thursday, stated it has fastened a price band of Rs 1,488-1,490 a share for its preliminary share-sale, which is able to open for public subscription on January 20.

The IPO includes contemporary issuance of shares aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 fairness shares by non-public fairness agency Sequoia Capital, by means of its two funds — SCI Investments IV and SCI Investments V — and promoter Hemant Jalan.

The three-day preliminary public providing (IPO) will conclude on January 22. The anchor traders’ portion might be open for subscription on January 19, Indigo Paints stated in a digital press convention.

On the higher finish of the price band, the general public subject is predicted to fetch Rs 1,170.16 crore, which includes Rs 300 crore by means of contemporary issuance of shares and Rs 870.16 crore by means of offer-for-sale.

Half of the difficulty is reserved for certified institutional consumers, 35 per cent for retail traders, 15 per cent for non-institutional bidders and there’s a reservation of up to 70,000 fairness shares for subscription for workers, who will get a reduction of Rs 148 per fairness share to the supply price.

Proceeds from the contemporary issuance of shares could be used for enlargement of the prevailing manufacturing facility at Pudukkottai in Tamil Nadu, for buying of tinting machines and gyro shakers and compensation/prepayment of borrowings.

Kotak Mahindra Capital Firm, Edelweiss Monetary Companies and ICICI Securities are the ebook working lead managers to the difficulty.

The Pune-based firm manufactures a variety of ornamental paints and has an in depth distribution community throughout the nation.

As of September 30, 2020, the corporate has three manufacturing amenities situated in Rajasthan, Kerala and Tamil Nadu.

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