Image Source : INDIGO PAINTS WEBSITE Indigo Paints IPO subscribed 1.90 occasions on day 1 of bidding
The preliminary public provide of Indigo Paints was subscribed 1.90 occasions on the primary day of bidding on Wednesday. The provide acquired bids for 1,04,67,410 shares in opposition to 55,18,402 shares on provide, as per information obtainable with NSE.
The portion reserved for certified institutional patrons (QIBs) was subscribed 10 per cent, non institutional buyers 1.10 occasions and retail particular person buyers (RIIs) 3.29 occasions.
The preliminary public provide contains a recent subject of as much as Rs 300 crore and a proposal on the market of as much as 58,40,000 shares. The worth vary for the provide has been mounted at Rs 1,488-1,490 per share. At the higher finish of the value band, the preliminary public provide (IPO) is predicted to fetch Rs 1,170.16 crore.
Sequoia Capital-backed Indigo Paints on Tuesday stated it has mopped up Rs 348 crore from anchor buyers. Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the managers to the provide.
Proceeds from the recent issuance of shares could be used to develop the prevailing manufacturing facility at Pudukkottai in Tamil Nadu, buying tinting machines and gyro shakers and compensation/prepayment of borrowings. The Pune-based firm manufactures a spread of ornamental paints and has an in depth distribution community throughout the nation.
READ MORE: Indigo Paints IPO: Check worth band, cut-off date and extra – Should you subscribe?
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