Mumbai, January 22, 2021: Pune based, Indigo Paints Limited, one of the
fastest growing amongst the top five paint companies in India, received bids of 64,57,90,130 shares against the
offered 55,18,402 shares, as per the 5:00 pm data available on the exchanges. The
portion reserved for retail investors was subscribed 15.93 times. Qualified
Institutional Buyer and Non-Institutional Investor category was subscribed 189.57
times and 263.05 times respectively. The portion reserved for eligible employees
was subscribed 2.50 times on the final day of issue closing.
The bidding
for the Rs. 1170 crore IPO closed on Friday, January 22, 2021. The IPO comprised of fresh issue of Rs 300
crore, and an offer for sale of 58,40,000 equity shares by promoter (Hemant
Jalan) and investors (Investors Sequoia Capital India Investments IV and SCI
Investments V) amounting to Rs. 870.16 crores. The minimum bid lot was 10
equity shares thereafter in multiples.
The price band had been fixed at Rs. 1,488 – Rs. 1,490 per Equity Share.
Key brokerage houses like HDFC Securities, Anand Rathi, Kotak Securities, Sushil
Finance, Nirmal Bang, Ventura, Religare Broking, Axis Capital , IIFL Securities
amongst others had recommended investing in the public issue given the
company's fast growth trajectory and possibility of achieving a debt free
status post the IPO. Some of key elements highlighted in the reports includes -
increasing the portfolio of
differentiated products, strong marketing initiatives to increase brand recall, increasing presence
in select new territories and expansion in new geographical territories; and increasing
manufacturing capacities in their facility units which overall indicated Indigo
Paints as a strong investment option.
(Subscription table/ details)
Kotak Mahindra
Capital Company Limited, Edelweiss Financial Services Limited and ICICI
Securities Limited are the BRLMs to the Offer.
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