Indigo Paints Receives SEBI Approval To Float IPO

Indigo Paints has acquired approval from the capital markets regulator SEBI to boost cash by way of an preliminary public providing (IPO). The Sequoia Capital-backed Indigo Paints had filed its preliminary IPO papers with Sebi in November final 12 months. The shares of Indigo Paints are prone to be listed on the BSE Sensex and NSE Nifty indices.

The IPO will comprise recent issuance of shares aggregating to Rs 300 crore and an offer-for-sale of as much as 58,40,000 fairness shares by personal fairness agency Sequoia Capital, by way of its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan, in response to the corporate’s draft purple herring prospectus (DRHP) filed with SEBI.

Indigo Paints will use the IPO proceeds to develop its manufacturing facility at Pudukkottai in Tamil Nadu, buy tinting machines and repay / prepay current borrowings.

Kotak Mahindra Capital Firm, Edelweiss Monetary Providers and ICICI Securities would be the ebook working lead managers to the general public difficulty.

Hemant Jalan, Anita Jalan, Parag Jalan, Kamala Prasad Jalan, Tara Devi Jalan and Halogen Chemical compounds are the promoters of Indigo Paints.

Indigo Paints is headquartered in Pune and has three services in Rajasthan, Kerala and Tamil Nadu. It manufactures a variety of ornamental paints akin to enamels, emulsions, wooden coatings, primers and distempers.