Sequoia Capital-backed Indigo Paints preliminary public providing (IPO) will open for public subscription on Wednesday (January 20). The corporate has mounted a worth band of Rs 1,488-1,490 a share for its preliminary share-sale. The three-day IPO will conclude on January 22.
The IPO contains contemporary issuance of shares aggregating to Rs 300 crore and an offer-for-sale of as much as 58,40,000 fairness shares by non-public fairness agency Sequoia Capital, by means of its two funds — SCI Investments IV and SCI Investments V — and promoter Hemant Jalan.
Indigo Paints anchor traders
The anchor traders’ portion opened for subscription on January 19. The corporate stated that it mopped up Rs 348 crore from anchor traders forward of its preliminary share-sale. A complete of 23,35,020 shares have been allotted to 25 anchor traders at Rs 1,490 apiece, which is the higher finish of the worth band. At this worth, the corporate mobilised Rs 348 crore.
Among the many main anchor traders are Authorities of Singapore Funding Company, Constancy, Goldman Sachs, Nomura, Authorities Pension Fund World, HSBC, SBI Mutual Fund(MF), HDFC MF, ICICI Prudential MF, Axis MF, HDFC Life and ICICI Prudential Life.
On the higher finish of the worth band, the general public problem is predicted to fetch Rs 1,170.16 crore, which contains Rs 300 crore by means of contemporary issuance of shares and Rs 870.16 crore by means of offer-for-sale.
Indigo Paints IPO: 35% reserved for retail traders
Half of the problem is reserved for certified institutional patrons, 35 per cent for retail traders, 15 per cent for non-institutional bidders and there’s a reservation of as much as 70,000 fairness shares for subscription for workers, who will get a reduction of Rs 148 per fairness share to the supply worth.
Proceeds from the contemporary issuance of shares could be used for enlargement of the present manufacturing facility at Pudukkottai in Tamil Nadu, for buying of tinting machines and gyro shakers and reimbursement/prepayment of borrowings.
Kotak Mahindra Capital Firm, Edelweiss Monetary Providers and ICICI Securities are the guide operating lead managers to the problem.
The Pune-based firm manufactures a spread of ornamental paints and has an in depth distribution community throughout the nation. As of September 30, 2020, the corporate has three manufacturing services situated in Rajasthan, Kerala and Tamil Nadu.
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