Sequoia Capital-backed Indigo Paints gets Sebi nod to float IPO
The IPO contains recent issuance of shares aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 fairness shares by personal fairness agency Sequoia Capital, via its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan, in accordance to the draft purple herring prospectus (DRHP).
Indigo Paints, which filed its preliminary IPO papers with Sebi in November, obtained its commentary on December 31, an replace with the capital markets watchdog confirmed on Monday.
Sebi’s commentary could be very obligatory for any firm to launch public points, together with preliminary share-sale, follow-on public supply and rights situation.
Proceeds from the recent issuance of shares can be used for enlargement of the present manufacturing facility at Pudukkottai in Tamil Nadu, buy of tinting machines and gyro shakers, and reimbursement/prepayment of borrowings.
According to market sources, the preliminary public providing (IPO) is anticipated to fetch Rs 1,000 crore.
Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the guide working 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 services situated in Rajasthan, Kerala and Tamil Nadu.
