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Indigo Paints IPO is a book build issue of ₹1,169.12 crores. The issue is a combination of fresh issue of 0.20 crore shares aggregating to ₹299.73 crores and offer for sale of 0.58 crore shares aggregating to ₹869.39 crores.
Indigo Paints IPO bidding started from Jan 20, 2021 and ended on Jan 22, 2021. The allotment for Indigo Paints IPO was finalized on Jan 28, 2021. The shares got listed on BSE, NSE on Feb 2, 2021.
Indigo Paints IPO price band is set at ₹1490.00 per share . The lot size for an application is 10. The minimum amount of investment required by an retail is ₹14,880 (10 shares). The lot size investment for sNII is 14 lots (140 shares), amounting to ₹2,08,600, and for bNII, it is 68 lots (680 shares), amounting to ₹10,13,200.
The issue includes a reservation of up to 70,000 shares for employees offered at a discount of ₹148.00 to the issue price.
Edelweiss Financial Services Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Indigo Paints IPO RHP for detailed Information.
| IPO Date | January 20, 2021 to January 22, 2021 |
| Listing Date | February 2, 2021 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹1488 to ₹1490 per share |
| Issue Price Final | ₹1490 per share |
| Lot Size | 10 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 78,53,422 shares (aggregating up to ₹1,169.12 Cr) |
| Fresh Issue | 20,13,422 shares (aggregating up to ₹299.73 Cr) |
| Offer for Sale | 58,40,000 shares of ₹10 (aggregating up to ₹869.39 Cr) |
| Employee Discount | ₹148.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 4,55,55,575 shares |
| Share Holding Post Issue | 4,75,68,997 shares |
Indigo Paints IPO offers total 78,53,422 shares. Out of which 38,91,710 (49.55%) allocated to QIB, 15,56,690 (19.82%) allocated to QIB, 11,67,514 (14.87%) allocated to NII, 27,24,198 (34.69%) allocated to RII and 23,35,020 (29.73%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 38,91,710 (49.55%) | NA |
| − Anchor Investor Shares Offered | 23,35,020 (29.73%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 15,56,690 (19.82%) | NA |
| NII (HNI) Shares Offered | 11,67,514 (14.87%) | NA |
| Retail Shares Offered | 27,24,198 (34.69%) | 2,72,419 |
| Employee Shares Offered | 70,000 (0.89%) | NA |
| Total Shares Offered | 78,53,422 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Indigo Paints IPO opens on January 20, 2021, and closes on January 22, 2021.
| IPO Open Date | Wed, Jan 20, 2021 |
| IPO Close Date | Fri, Jan 22, 2021 |
| Tentative Allotment | Thu, Jan 28, 2021 |
| Initiation of Refunds | Fri, Jan 29, 2021 |
| Credit of Shares to Demat | Mon, Feb 1, 2021 |
| Tentative Listing Date | Tue, Feb 2, 2021 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Jan 22, 2021 |
Investors can bid for a minimum of 10 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 10 | ₹14,900 |
| Retail (Max) | 13 | 130 | ₹1,93,700 |
| S-HNI (Min) | 14 | 140 | ₹2,08,600 |
| S-HNI (Max) | 67 | 670 | ₹9,98,300 |
| B-HNI (Min) | 68 | 680 | ₹10,13,200 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Indigo Paints is one of the fastest-growing paint companies in India and in terms of revenue, it is the 5th largest company in the decorative paint industry. The company is engaged in manufacturing different types of decorative paints like enamels, emulsions, wood coatings, primers, distempers, putties, and cement paints.
It is the first company that started manufacturing certain differentiated products like Metallic Emulsions, Bright Ceiling Coat Emulsions, Tile Coat Emulsions, Dirtproof & Waterproof Exterior Laminate, Floor Coat Emulsions, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel. The sales from these differentiated products are continuously growing as it was 26.68% in 2018 increased to 28.62% in fiscal 2020.
Indigo Paints has a strong market network with dealers in Tier 1, Tier 2, and Metros as well. It has 3 manufacturing facilities situated in Jodhpur (Rajasthan), Kochi (Kerala), and Pudukkottai (Tamil Nadu). It is further looking to expand its manufacturing capacities at Pudukkottai to manufacture water-based paints.
Company Strengths
| Particulars | For the year/period ended (₹ in million) | ||||
|---|---|---|---|---|---|
| 30-Sept-20 | 31-Mar-20 | 31-Mar-19 | 31-Mar-18 | ||
| Total Assets | 4,112.91 | 4,219.59 | 3,731.83 | 2,973.94 | |
| Total Revenue | 2,602.43 | 6,264.36 | 5,372.62 | 4,031.05 | |
| Profit After Tax | 272.05 | 478.15 | 268.70 | 128.62 | |
The Company Indigo Paints IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Funding capital expenditure for the Proposed Expansion | 150.00 |
| 2 | Purchase of tinting machines and gyroshakers | 50.00 |
| 3 | Repayment/prepayment of all or certain of our borrowings | 25.00 |
| 4 | General corporate purposes | 61.16 |
[Dilip Davda] On prima facie issue is priced aggressively compared to its listed peers. With the planned expansion, lowering debt and other cost control measures, the company is confident of maintaining the growth levels which is mirroring in the pricing of the IPO. Considering these and the growth prospects in light of affordable housing push to meet AVAS for all by 2022 target of the Government, investors may consider an investment with a long term perspective. Read detail review...
| Listing Date | February 2, 2021 |
| BSE Script Code | 543258 |
| NSE Symbol | INDIGOPNTS |
| ISIN | INE09VQ01012 |
| Final Issue Price | ₹1490 per share |
| BSE Listing Group | B |
Indigo Paints Ltd.
Indigo Tower, Street-5, Pallod Farm-2
Baner Road, Pune 411 045
Baner, Maharashtra
Phone: 91 20 6681 4300
Email: secretarial@indigopaints.com
Website: http://www.indigopaints.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: indigopaints.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Indigo Paints IPO is a main-board IPO of 78,53,422 equity shares of the face value of ₹10 aggregating up to ₹1,169.12 Crores. The issue is priced at ₹1490 per share. The minimum order quantity is 10.
The IPO opens on January 20, 2021, and closes on January 22, 2021.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Indigo Paints IPO using UPI as a payment gateway. Zerodha customers can apply in Indigo Paints IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Indigo Paints IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Indigo Paints IPO opens on January 20, 2021 and closes on January 22, 2021.
Indigo Paints IPO lot size is 10, and the minimum amount required for application is ₹14,900.
You can apply in Indigo Paints IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Indigo Paints IPO will be done on Thursday, January 28, 2021, and the allotted shares will be credited to your demat account by Monday, February 1, 2021. Check the Indigo Paints IPO allotment status.
The Indigo Paints IPO listing date is on Tuesday, February 2, 2021.
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