Indigo Paints shares made a blockbuster inventory market debut on Tuesday, February 2, 2021. The inventory opened for buying and selling at Rs 2,607, up 75 per cent from its subject value of Rs 1,490. Indigo Paints shares rose as a lot as 84 per cent from subject value to hit an intraday excessive of Rs 2,747 on the Nationwide Inventory Change.
The Sequoia Capital-backed Indigo Paints’ Rs 1,170 crore-initial public providing was open between January 20-22 and firm offered shares within the value band of Rs 1,488-1,490 per share. The inventory was in big demand through the three-day share sale by way of IPO because it was subscribed a whopping 117 instances, knowledge from Nationwide Inventory Change confirmed.
The IPO comprised recent subject of shares aggregating to Rs 300 crore and an offer-for-sale of as much as 58,40,000 fairness shares by personal fairness agency Sequoia Capital and promoter Hemant Jalan.
Indigo Paints mentioned that it’s going to use the IPO proceeds to develop its manufacturing facility at Pudukkottai in Tamil Nadu, purchase tinting machines and gyro shakers, and repay / prepay borrowings.
Edelweiss Monetary Providers, ICICI Securities and Kotak Mahindra Capital Firm had been the lead managers of Indigo Paints IPO.
Indigo Paints IPO was the second public subject to hit the first markets in 2021, after Indian Railway Finance Company’s IPO.
As of 10:12 am, Indigo Paints shares traded 68 per cent larger at Rs 2,503 from its subject value of Rs 1,490.