Indigo Paints gets SEBI approval to roll out Rs1,000cr worth IPO

ICICI Securities, Edelweiss Financial Services and Kotak Mahindra Capital Company will be the BRLMs to the public issue.

Jan 11, 2021 05:01 IST India Infoline News Service

Indigo Paints is all set to roll out with its IPO after receiving the market watchdog SEBI's approval. The  regulator has approved the company to raise about Rs1,000cr through the issue.

The Sequoia Capital backed company will be making an issue of Rs300cr and an offer-for-sale of up to 58,40,000 equity shares. Indigo Paints has filed its preliminary IPO papers in November and received an Observation from SEBI in December, 2020.

It is likely that its shares will be listed on the BSE and NSE. The issue will me made through Sequoia's two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan.

Edelweiss Financial Services, ICICI Securities and Kotak Mahindra Capital Company have been appointed as the Book Running Lead Managers (BRLMs) to the fresh issuance.

The company will use the proceeds from IPO for expansion of its manufacturing facility at Pudukottai in Tamil Nadu, repay/prepay existing borrowings and purchase tinting machines.

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