7th Best Listing in a Decade: Indigo Paints doubles investor monies on IPO Listing, closes at 110% premium
Posted On: 2021-02-02 20:24:34 (Time Zone: Arizona, USA)
Pune based, Indigo Paints Limited, one of the fastest growing amongst the top five paint companies in India, whose IPO opened on January 20, 2021 and closed on January 22, 2021 listed on the BSE and NSE at a 75 % premium. The initial public offering was offered at a lower price band of Rs 1,488 per share and higher price band of Rs 1,490 per share and found a great response from all investor categories to be subscribed over 117.02 times.
One of the leading manufacturers of decorative paints, Indigo Paints Ltd debuted on the bourses with a stellar listing with its share price hitting the upper circuit on the listing day itself.
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Indigo Paints Ltd.’s shares were on Tuesday got listed on the BSE and NSE at ₹2,607, a 75% premium. The shares closed at ₹3,118.65, up 109% from issue price.
The initial public offering of the company was made at higher price band of ₹1,490 per share and was subscribed over 117.02 times.
On the day of listing its share price hit the upper circuit of 20% at ₹3,129 before correcting slightly.
A total of 10.36 lakh shares were traded with a delivery quantity of 4,65,803 (44.98%). The turnover at BSE was ₹281.05 crore.
At NSE, 1,26,52,036 shares were traded with a delivery quantity of 54,56,304 (43.13%). The turnover at NSE was ₹3,396 crore.
Synopsis
Antique Stock Broking said Indigo Paints may continue to gain market share and outperform its larger peers in the short to medium term.
Indigo Paints shares jump nearly 82% over issue price
NEW DELHI: Indigo Paints made a strong market debut on Tuesday, as the scrip got listed at Rs 2,607.50 apiece on BSE, a 75 per cent premium over its issue price of Rs 1,490.
The IPO, which ran from Jan 20 to Jan 22, was subscribed 117 times. The issue had received bids for 64.58 crore shares against its offer size of 55.18 lakh shares. The portion reserved for qualified institutional buyers (QIBs) was subscribed 189.57 times, and that for non-institutional investors was lapped up 263.05 times. The retail portion was subscribed 15.93 times.
By Reuters Staff
1 Min Read
BENGALURU, Feb 2 (Reuters) - Shares in Indian paint maker Indigo Paints Ltd soared 84% in their market debut on Tuesday after a bumper subscription for its $160 million IPO last month, boosted by market euphoria following the federal budget.
Indigo Paints opened at 2,607.5 rupees ($35.71), a 75% premium to its issue price of 1,490 rupees.
Investors bid for 117 times the shares on offer in the company’s initial public offering last month, stock exchange data showed, highlighting investor confidence in a recovery in the sector as the economy returns to normalcy from the COVID-19 pandemic. ($1 = 73.0170 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)