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Indigo Paints Shares Listed on BSE, NSE Today with a Bumper Debut of 75%

Indigo Paints (News18 Gujarat)

Indigo Paints (News18 Gujarat)

Indigo Paints shares were trading at Rs 2,559.00, up 71 percent on the BSE at 10:42 am. Similarly, on the NSE, it was quoting 71.43 percent higher at Rs 2,550.00.

Indigo Paints shares on Tuesday, February 2, started trading with a bumper premium of 75 percent over its issue price mainly due to the strong IPO subscription and Budget-driven bullish market sentiment. On the Bombay Stock Exchange (BSE), the stock opened Rs 2607.50 against the public issue price of Rs 1,490. On the National Stock Exchange (NSE), the opening price was at Rs 2607.50.

Indigo Paints shares were trading at Rs 2,559.00, up 71 percent on the BSE at 10:42 am. Similarly, on the NSE, it was quoting 71.43 percent higher at Rs 2,550.00.

The company was subscribed 117 times during the three day IPO session from January 20 to 22 and has raised Rs 1,170 crore. Getting an overwhelming response from the investors, the IPO received bids for 64.58 crore shares against an offer size of 55.18 lakh shares.

189.57 times subscription was made for the portion reserved for Qualified Institutional Buyers (QIBs), while 263.05 times subscription was made for the non-institutional investor category and the retail portion was subscribed 15.93 times. The company also mopped up Rs 348 crore from anchor investors.

The IPO comprised fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58.40 lakh equity shares. Also the price band of the shares were fixed at Rs 1,488-1,490 a share. The fresh issue proceeds will be used by the company for expansion of the existing facilities in Pudukkottai plant, purchase of tinting machines and clearing the borrowings.

Indigo Paints is the fifth largest decorative paints manufacturer in the country and manufactures a wide range of interior and exterior wall paint colours. The company is also one of the fastest-growing paint companies in the country in terms of revenue as it has grown at a 42 percent CAGR over the financial year 2010 to 2019. It currently operates 3 manufacturing facilities in India, including one in Rajasthan, Kerala and Tamil Nadu each.

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