Fifth largest decorative paint company in India opens its IPO today. The Indigo Paints opened its IPO subscriptions with a price ranging from Rs 1,488-1,490 per share.
The issue will remain open till January 25, 2021.
The issue has opened on January 20, 2021 with a price of Rs 1,170 crores and already had 1.9 times subscriptions.
Indigo has received bids for worth Rs 88.54 lakh shares against the proposed offer size of 55.18 lakh equity shares. This data is excluding the anchor book shares.
Reserved portion of retail investors had a subscription of 2.8 times today. Within this, the employee portion received subscription of 12 percent and institutional investors comprised of 92%.
Also, qualified institutional buyers’ portion had a 10% of subscription.
IPO consist of fresh issue of Rs 300 crore with an offer for sale (OFS) of 58,40,000 equity shares by Hemant Jalan. Hemant Jalan is the promoter of the Indigo IPO.
This issue is invested by Sequoia Capital India Investments IV and SCI Investments V. The company has a notable presence in the semi urban and rural markets contributing around 85 percent of total revenue.
With this presence, the company also had a fast recovery against COVID-19 with opportunities in tier 1 cities.
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