Indigo Paints, the fifth-largest company in the Indian decorative paint industry by revenue, is expected to finalise the share allocation of its public issue on January 28, as per the schedule available in the prospectus.
The Rs 1,170-crore public issue closed on January 22 after receiving subscription of 117 times. Its equity shares are likely to get listed on bourses on February 2.
After the finalisation of share allocation, the process for unblocking of funds from ASBA account will take place on January 29. Shares allotted in the issue will get credited to the demat accounts of eligible investors around February 1.
Investors can check the allotment in few easy steps on the website of IPO's registrar.
One should select the company (Indigo Paints);
Enter either PAN Number, Application Number, DP/Client ID, or Account Number along with IFSC code;
Enter the Captcha available next to the box;
Click on Submit to get the actual result.
One can check also the application status on the BSE Website.
Select Issue Type (Equity);
Select Issue Name (Indigo Paints);
Enter application Number and PAN Number;
Click on Search to get the result.
Indigo Paints had opened its IPO on January 20, which comprised a fresh of an issue of Rs 300 crore and an offer for sale of Rs 870.16 crore worth of shares by promoter (Hemant Jalan) and investors (Sequoia Capital India Investments IV and SCI Investments V).
The company had reserved 70,000 equity shares for its employees and the eligible employees will get these shares at a discount of Rs 148 per share.
Indigo Paints is the fastest growing among the top five paint companies in India and fifth-largest company in the Indian decorative paint industry in terms of revenue from operations for FY20. The company has three manufacturing facilities - in Jodhpur, Kochi and Pudukkottai, with aggregate production capacity of 1,01,903 KLPA of liquid paint and 93,118 MTPA of putties and powder paints.
The company will utilise the net fresh issue funds for expansion of the existing manufacturing facility at Pudukkottai, Tamil Nadu by setting up an additional unit adjacent to the existing facility (Rs 150 crore); purchase of tinting machines and gyroshakers (Rs 50 crore); and repayment certain of borrowings (Rs 25 crore).