Indigo Paints’ initial public offering was opened for subscription on Wednesday, 20th January, and has reached the final day. Since then, it has been subscribed 54 times and received bids for 29.7 crore equity shares against the IPO size of 55.18 lakh shares as shown by the subscription data. The price band was set at 1488-1490 per share.
The fifth largest company in the Indian decorative paint industry in terms of revenue, has its’ profit grown four times in the last 3 years. Differentiated products, eye-catching advertisements and incentivized workforce has contributed to the growth of the company.
The company will mainly use the net proceeds from its’ fresh public offering for the expansion of its’ manufacturing unit at Tamil Nadu (Rs 150 crore), purchase of tinting machines and gyroshakers (RS 50 crore) and repayment of certain borrowings (Rs 25 crore).