Indigo Paints to launch IPO on January 20, fixes price band at Rs 1,488-1,490 The company will utilise funds from its fresh issue for the expansion of the manufacturing facility at Pudukkottai in Tamil Nadu, purchasing tinting machines and gyroshakers and repaying borrowings. January 15, 2021 / 12:08 PM IST Indigo Paints, the fifth-largest decorative paint company in India, will open its initial public offering for subscription on January 20. This would be the second IPO in calendar 2021 after Indian Railway Finance Corporation. The public issue comprises a fresh issue of Rs 300 crore and an offer for sale of 58.40 lakh equity shares by promoters and investors. The offer for sale consists of 20.05 lakh equity shares by Sequoia Capital India Investments IV, 21.65 lakh equity shares by SCI Investments V and 16.7 lakh equity shares by promoter Hemant Jalan.