India's 5th Largest Paint Company Indigo Paints To Launch IPO On Jan 20

 

Indigo Paints IPO: 2nd IPO of 2021 Opens on Jan 20;

India's 5th Largest Paint Company Indigo Paints To Launch IPO on January 20, 2021, fixes price band at 1,480 - 1,490.

Issue will open for subscription on January 20 and close on January 22. The paints manufacturer is looking to raise 1,000 Crore from the capital markets with a combination of fresh issuance and an offer for sale (OFS) by existing shareholders of the company. This will be among the first few IPOs of 2021.

Indigo Paints, backed by Sequoia Capital which received a go-ahead from Securities and Exchange Board of India (SEBI) earlier this month.





Indigo Paints is the fastest-growing among the top five paint companies in India and is the fifth-largest company in the Indian decorative paint industry in terms of revenue from operations for FY2020, as per F&S Report.




The company sells its products under the brand of 'Indigo', through its distribution network across 27 states and seven union territories, as on September 2020. Former Indian team cricket captain Mahendra Singh Dhoni is its brand ambassador.

As of September 2020, the company owns and operates three manufacturing in Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai, with an aggregate estimated installed production capacity of 1,01,903 kilolitres per annum for liquid paints and 93,118 metric tonnes per annum (MTPA) for putties and powder paints.

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