Sequoia Capital-backed Indigo Paints on Thursday mentioned it has fastened a worth band of Rs 1,488-1,490 a share for its preliminary share-sale, which is able to open for public subscription on January 20.
The IPO contains contemporary issuance of shares aggregating to Rs 300 crore and an offer-for-sale of as much as 58,40,000 fairness shares by personal fairness agency Sequoia Capital, by its two funds — SCI Investments IV and SCI Investments V — and promoter Hemant Jalan.
The three-day preliminary public providing (IPO) will conclude on January 22. The anchor buyers’ portion might be open for subscription on January 19, Indigo Paints mentioned in a digital press convention.
At the higher finish of the worth band, the general public subject is anticipated to fetch Rs 1,170.16 crore, which contains Rs 300 crore by contemporary issuance of shares and Rs 870.16 crore by offer-for-sale.
Half of the problem is reserved for certified institutional patrons, 35 per cent for retail buyers, 15 per cent for non-institutional bidders and there’s a reservation of as much as 70,000 fairness shares for subscription for workers, who will get a reduction of Rs 148 per fairness share to the supply worth.
Proceeds from the contemporary issuance of shares could be used for growth of the prevailing manufacturing facility at Pudukkottai in Tamil Nadu, for buying of tinting machines and gyro shakers and compensation/prepayment of borrowings.
Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the e-book operating lead managers to the problem.
The Pune-based firm manufactures a spread of ornamental paints and has an intensive distribution community throughout the nation.
As of September 30, 2020, the corporate has three manufacturing amenities positioned in Rajasthan, Kerala and Tamil Nadu.