Indigo Paints Files for Rs 1,000 Crore IPO

Indigo Paints Files for Rs 1,000 Crore IPO
13/11/2020 , by , in ALLIED

Sequoia Capital-backed Indigo Paints has filed preliminary papers with markets regulator
Sebi to raise about Rs 1,000 crore through an initial public offering. The IPO comprises fresh
issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity
shares by private equity firm Sequoia Capital, through its two funds SCI Investments IV and
SCI Investments V, and promoter, Hemant Jalan.

Net proceeds from the issue would be used for expansion of the existing manufacturing
facility at Pudukkottai in Tamil Nadu, for purchasing of tinting machines and gyro shakers
and repayment/prepayment of borrowings. The initial public offering (IPO) is expected to
fetch Rs 1,000 crore.

Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the
book running lead managers to the issue. The Pune-based company manufactures a range of
decorative paints and has an extensive distribution network across the country. As of
September 30, 2020, the company has three manufacturing facilities located in Rajasthan,
Kerala and Tamil Nadu.




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