Started in 2000, the Pune-based company, Indigo Paints Ltd is the fifth-largest company in the decorative paint industry in India in terms of Fiscal 2020’s revenue and seems to be the fastest-growing in the group of the top five paint companies in India.
The company manufactures a wide range of decorative paints and has been present across segments including interior and exterior emulsions, enamels, wood coatings, distempers, primers, putties, and cement paints.
Indigo Paints is backed by Sequoia Capital and coming up with around ₹1,170 crore IPO. Kotak Mahindra Capital Company, Edelweiss Financial Services, and ICICI Securities are the book running lead managers to the IPO issue.
Objectives of Indigo Paints IPO:
- Funding capital expenditure for expansion of the existing manufacturing facility at Pudukkottai, Tamil Nadu (the “Proposed Expansion”) by setting up an additional unit adjacent to the existing facility
- Purchase of tinting machines and gyroshakers
- Repayment/prepayment of all or certain borrowings
- General corporate purposes