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Indigo Paints, the fastest growing amongst the top five paint companies in India, sells its products under the brand Indigo , through its distribution network across 27 states and seven union territories as of September 2020.
Indigo Paints will use the IPO proceeds to expand its manufacturing facility at Pudukkottai in Tamil Nadu
Indigo Paints has received approval from the capital markets regulator SEBI to raise money through an initial public offering (IPO). The Sequoia Capital-backed Indigo Paints had filed its preliminary IPO papers with Sebi in November last year. The shares of Indigo Paints are likely to be listed on the BSE Sensex and NSE Nifty indices.
The IPO will comprise fresh issuance of shares aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm Sequoia Capital, through its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan, according to the company s draft red herring prospectus (DRHP) filed with SEBI.