Economy

Indigo Paints makes bumper Indian stock market debut, lists at 75% premium

Indigo Paints makes bumper Indian stock market debut, lists at 75% premium”

Indigo Paints IPO, with a price band of Rs 1,488-1,490 a share, was aggressively priced as compared to its listed peers. The stock however continued its upward momentum during the day and froze after hitting its 20 per cent upper circuit at Rs 3,129.00 on both the bourses. The initial public offering was offered at a lower price band of Rs 1,488 per share and higher price band of Rs 1,490 per share and found a great response from all investor categories to be subscribed over 117.02 times. The net debt/equity as of September stood at 0.1 times which post IPO will reduce to zero. It received bids for 64.58 crore shares against an offer size of 55.18 lakh shares.

The company plans to use proceeds worth Rs 1,170.16 crore from public issue to meet the upcoming capital expenditure requirement for manufacturing facility expansion at Pudukkottai, Tamil Nadu, to purchase tinting machines and gyroshakers and repay all or certain borrowings.

Nirali Shah gave subscribe call to Indigo Paints for listing gains and said,"Indigo Paints has made its brand name despite strong entry barriers due to experienced players such as Asian Paints".

The paint industry is valued at about ₹545 billion and is expected to grow to ₹971 billion by 2024, according to the company's prospectus.

More news: White House Reviewing Whether to Cut Trump Off From Intelligence Briefs

India has seen robust responses to consumer-focused IPOs and market debuts in recent months, as the stock market galloped to record highs on strong foreign inflows, boosted by coronavirus vaccine hopes and abundant liquidity in global markets.

Indigo Paints made a strong market debut on Tuesday, as the scrip got listed at Rs 2,607.50 apiece on BSE, a 75 per cent premium over its issue price of Rs 1,490.

Indigo Paints, the fastest growing amongst the top five paint companies in India, manufactures a complete range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints.



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