Indigo Paints IPO to Open on Jan 20 with Price band of Around Rs 1490

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Pune-based Indigo Paints said it will open the offer period in relation to initial public offering of equity shares on January 20 and close by January 22.

The IPO comprises fresh issuance of equity shares worth Rs 300 crore and an offer for sale of up to 58.4 lakh equity shares by Sequoia Capital India Investments IV and SCI Investments V.

The company has fixed a price band of Rs 1,488 to 1,490 per equity share with a face value of Rs 10 each. A discount of Rs 148 is being offered to eligible employees.

Indigo Paints proposes to utilise the net proceeds for funding capital expenditure at its manufacturing facility in Pudukkottai, Tamil Nadu, besides repayment and prepayment of the company’s borrowings and general corporate purposes.

Kotak Mahindra Capital, Edelweiss Financial Services and ICICI Securities are book-running lead managers to the offer.

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