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Indigo Paints shares open at Rs 2,607.50, listed at 75 percent premium over issue price – Business News , Firstpost


The firm is anticipated to utilise recent issue proceeds for growth of the present manufacturing facility at Pudukkottai, Tamil Nadu

The IPO of Indigo Paints was subscribed over 100 instances. Image credit score: indigopaints.com

Shares of Indigo Paints, India’s fifth-largest firm within the ornamental paints section, listed at Rs 2,607.50 apiece on the National Stock Exchange (NSE), a 75 percent premium over the issue price of Rs 1,490 per share. The inventory opened at Rs 2,607.50 on the Bombay Stock Exchange (BSE).

Experts opined the itemizing premium of the paint firm might be round 50 percent over the issue price following the sturdy subscription its public provide acquired.

Indigo Paints, which owns about 2 percent of the Rs 40,300-crore ornamental paints business, raised Rs 1,170 crore through its preliminary public provide (IPO) which ran between 20 and 22 January. The IPO was subscribed 117 instances.

The public issue acquired bids for 64.58 crore shares at the top of the third day as towards the issue dimension of 55.18 lakh shares. The IPO comprised recent issuance of Rs 300 crore and a proposal-for-sale of as much as 58,40,000 fairness shares by promoters in addition to buyers.

Following quick development within the final decade in comparison with fellow gamers out there, most brokerage homes had really helpful subscribing to Indigo Paints IPO. Its growth programme, value-controlling measures, and decreasing of debt have additionally saved the analysts optimistic on the IPO.

The firm is anticipated to utilise recent issue proceeds for growth of the present manufacturing facility at Pudukkottai, Tamil Nadu by establishing a further unit adjoining to the present facility (Rs 150 crore), buy of tinting machines and gyroshakers (Rs 50 crore), and compensation sure of borrowings (Rs 25 crore).

Indigo Paints has grown at a 42 percent compound annual development price (CAGR) between 2010 and 2019 as towards a 12-13 percent CAGR recorded by high 4 gamers – Asian Paints, Berger Paints, Nerolac, and Akzo.

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