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Indigo Paints raises Rs 348 crore from 25 anchor investors ahead of IPO
Among domestic institutions, SBI MF, HDFC MF, ICICI Prudential MF, Nippon MF, Axis MF, Aditya Birla Sun Life and Motilal MF received shares of the company via anchor book. January 20, 2021 / 05:14 PM IST
American venture capital firm Sequoia Capital-backed Indigo Paints, on January 19, garnered Rs 347.9 crore from 25 anchor investors ahead of its initial public offering (IPO), that opens for subscription on January 20.
The company informed exchanges that it has finalised the allocation of 23,35,020 equity shares to anchor investors, at a price of Rs 1,490 apiece, the higher end of price band.
Indigo Paints Limited (Indigo) is coming out with an initial public offer (IPO). Indigo Paints IPO consists of a fresh issue of equity shares amounting to Rs 300 cr and an offer for sale of Rs 869 - 870 cr. The price band for the said issue is Rs 1488-1490 per share. At the lower and upper end of the price band, the fresh equity issuance stands at 20.1-20.2 lakh shares. Offer for sale amounts to 58.4 lakh shares.
As far as ranking in the market is concerned, Indigo Paints is the fastest-growing among India’s top five paint companies. It is the fifth largest company in the Indian decorative paints industry with the market share of 2%. The company owns and operates three manufacturing facilities located in Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu). The company manufactures a complete range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints.
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.
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IRFC, Indigo Paints IPOs to hit market this week, eye over Rs 5,800 cr
Two companies Indian Railway Finance Corporation and Sequoia Capital-backed Indigo Paints are set to hit the market with their initial share-sale offers this week to raise an estimated over Rs 5,800 crore. The companies are expecting to benefit from an equity market, which is flush with liquidity and has seen a sharp increase in new retail investors.
The three-day initial share-sale of Indian Railway Finance Corporation (IRFC) would be open for public subscription during January 18-20, while the IPO of Indigo Paints would open on January 20 and conclude on January 22. IRFC IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government.