After 13 IPOs hit the market in the last 6 months of 2020, two more are lined up to begin next week in January 2021, already.
Indigo Paints is the second company to be going live with its IPO in the coming week. The company received the green flag from SEBI earlier this month, as the promoters and Sequoia Capital look to trim their stake.
The price band for the issue will be between Rs1,480 and Rs1,500 per share, while the minimum bid lot size will be 10 shares. Investors can bid for 10 shares or multiples thereof.
The paint manufacturing company's maiden issue will be open for subscription from January 20, and will end on January 22. The company aims to raise Rs1,000cr from the capital markets, with a good chunk from fresh issuance and the rest from OFS by existing shareholders.
According to the DRHP filed with SEBI, Indigo Paints fresh issue with consist of Rs300cr worth of equity shares and 58,40,000 equity shares as part of the OFS.
The Pune based company has added that it intends to use the net proceeds from the issue to expand its prevailing manufacturing facility at Pudukkottai, TN and for purchasing other heavy equipments. The proceeds will also be used for repayment/prepayment of borrowings.
The company's total assets as on September 30, 2020 stood at Rs411.3cr, total revenue was Rs260.24cr and the PAT was Rs27.2cr.
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