Synopsis
Analysts said the strong listing gains were aided by the positive market sentiment, which has been buoyant following the budget on Monday.
iStock
The retail portion was subscribed 15.93 times
Mumbai: Indigo Paints made a strong debut on the bourses on Tuesday, listing at a 75% premium over its issue price of Rs 1,490. The stock gained 09.3% to close at 3,118.65. The IPO, which closed on January 22, was subscribed 117 times. The issue had received bids for Rs 64.58 crore shares against its offer size of 55.18 lakh shares. The portion reserved for qualified institutional buyers (QIBs) was subscribed 189.57 times, and that for non-institutional investors was lapped up 263.05 times. The retail portion was subscribed 15.93 times. Analysts said the strong listing gains were aided by the positive market sentiment, which has been buoyant following the budget on Monday.
Shares of Indigo Paints made a solid debut on the bourses on Tuesday, listing at Rs 2,607.50, a 75 per cent premium against issue price of Rs 1,490 on the National Stock Exchange (NSE) and BSE. The stock surged to Rs 3,129, up 110 per cent against issue price on the BSE and NSE, exchange data shows.
At close, Indigo Paints was at Rs 3,118.6, up 109 per cent against issue price on the BSE.
The attractive pricing, relative to its peers, along with its higher growth potential had attracted investors towards the issue. The initial public offering (IPO) of Indigo Paints had garnered 117 times subscription, generating bids worth Rs 96,222 crore. The qualified institutional buyer (QIB) portion of the issue was subscribed 190 times, while the high networth individual or HNI segment was subscribed 263 times. The retail and employee portions were subscribed 16 times and 2.5 times, respectively.
Here are the top stocks to watch out for in today s session:
Indigo Paints: Shares of Indigo Paints will list at bourses today. The IPO that ran between January 20-22 was subscribed a whopping 117 times.
Q3 earnings: HDFC, Balrampur Chini Mills, Dixon Technologies, Escorts, IIFL Wealth Management and Tata Consumer Products are among 69 companies set to announce their quarterly earnings later today.
PVR: The firm set the issue price for QIP at Rs 1,440 per share and raised Rs 800 crore.
Indian Bank: The firm declared five NPA accounts, including Cox & Kings and Era Infra Engineering, having Rs 148.03 crore exposure as fraud.
Synopsis
Antique Stock Broking said Indigo Paints may continue to gain market share and outperform its larger peers in the short to medium term.
Indigo Paints shares jump nearly 82% over issue price
NEW DELHI: Indigo Paints made a strong market debut on Tuesday, as the scrip got listed at Rs 2,607.50 apiece on BSE, a 75 per cent premium over its issue price of Rs 1,490.
The IPO, which ran from Jan 20 to Jan 22, was subscribed 117 times. The issue had received bids for 64.58 crore shares against its offer size of 55.18 lakh shares. The portion reserved for qualified institutional buyers (QIBs) was subscribed 189.57 times, and that for non-institutional investors was lapped up 263.05 times. The retail portion was subscribed 15.93 times.