Bookbuilding IPO | ₹1,169 Cr | Listed at BSE, NSE | Wed, Jan 20, 2021 - Fri, Jan 22, 2021
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 ₹1,490 per share. The lot size for an application is 10. The minimum amount of investment required by an retail is ₹14,900 (10 shares) (based on upper price). 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 Open
Wed, Jan 20, 2021
IPO Close
Fri, Jan 22, 2021
Issue Price
₹1490 per share
Market Cap (Pre-IPO)
₹7,087.78 Cr
| IPO Date | 20 to 22 Jan, 2021 |
| Listed on | Tue, Feb 2, 2021 |
| Face Value | ₹10 per share |
| Price Band | ₹1488 to ₹1490 |
| Issue Price | ₹1490 per share |
| Lot Size | 10 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹148.00 |
| Total Issue Size | 78,53,422 shares (agg. up to ₹1,169 Cr) |
| Fresh Issue | 20,13,422 shares (agg. up to ₹300 Cr) |
| Offer for Sale | 58,40,000 shares of ₹10 (agg. up to ₹869 Cr) |
| Share Holding Pre Issue | 4,55,55,575 shares |
| Share Holding Post Issue | 4,75,68,997 shares |
| BSE Script Code / NSE Symbol | 543258 / INDIGOPNTS |
| ISIN | INE09VQ01012 |
Indigo Paints IPO comprises a total issue size of 78,53,422 shares. The net offer to the public is 77,83,422 shares, after excluding 70,000 shares under a preferential allotment. Of the Net offer 38,91,710 (50.00%) are allocated to QIB, 11,67,514 (15.00%) allocated to NII 27,24,198 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 38,91,710 | 50.00% | 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 | 15.00% | 14.87% | NA |
| Retail Shares Offered | 27,24,198 | 35.00% | 34.69% | 2,72,419 |
| Preferential Reservations | ||||
| Employee Shares Offered | 70,000 | 0.89% | NA | |
| Total Shares Offered | 78,53,422 | 100.00% | 100.00% | |
Investors can bid for a minimum of 10 shares and in multiples thereof.
| 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 |
Indigo Paints IPO raises ₹347.92 crore from anchor investors. Indigo Paints IPO Anchor bid date is January 19, 2021.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Jan 19, 2021 |
| Shares Offered | 23,35,020 |
| Anchor Portion (₹ Cr.) | 347.92 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Feb 27, 2021 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Apr 28, 2021 |
| 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 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
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 |
The Indigo Paints IPO is subscribed 117.02 times on January 22, 2021 5:00:00 AM (Day 3). The public issue subscribed 15.93 times in the retail category, 189.57 times in the QIB category, and 263.05 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 189.57 | 15,56,690 | 29,50,96,470 |
| NII | 263.05 | 11,67,514 | 30,71,17,820 |
| Retail | 15.93 | 27,24,198 | 4,34,01,190 |
| Employee | 2.5 | 70,000 | 1,74,650 |
| Total | 117.02 | 55,18,402 | 64,57,90,130 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Managers’ fees | 31.04 |
| 2 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Offer. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 7.93 |
| 3 | Fees payable to the Registrar to the Offer | 0.04 |
| 4 | Fees payable to the other advisors to the Offer | 2.38 |
| 5 | Listing fees, SEBI filing fees, upload fees, BSE & NSE processing fees, book building software fees and other regulatory expenses | 5.45 |
| 6 | Printing and stationery | 2.55 |
| 7 | Advertising and marketing expenses | 1.22 |
| 8 | Fee payable to legal counsels | 3.61 |
| 9 | Miscellaneous | 0.45 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹1,490.00 | ₹1,490.00 |
| Open | ₹2,607.50 | ₹2,607.50 |
| Low | ₹2,428.20 | ₹2,436.05 |
| High | ₹3,129.00 | ₹3,129.00 |
| Last Trade | ₹3,118.65 | ₹3,117.15 |
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 Crores. The issue is priced at ₹1490 per share. The minimum order quantity is 10.
The IPO opens on Wed, Jan 20, 2021, and closes on Fri, Jan 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 Wed, Jan 20, 2021 and closes on Fri, Jan 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 Mon, Feb 1, 2021. Check the Indigo Paints IPO allotment status.
The Indigo Paints IPO listing date is on Tue, Feb 2, 2021.
