IPO Alert: Sequoia Capital-backed Indigo Paints files for IPO

Pune-based Indigo Paints has filed its DRHP to raise approximately Rs 1,000 crore. The IPO is a fresh issuance aggregating to Rs 300 crore and an offer for sale of up to 58,40,000 equity shares of face value of Rs 10 each.

The investors selling the shareholdings are Sequoia Capital through its two funds SCI Investments IV and SCI Investments V; and promoter shareholder, Hemant Jalan.

The net proceeds from the issue is to fund the capital expenditure for the expansion of the existing manufacturing facility at Pudukkottai; purchase of tinting machines and gyro shakers and repayment/prepayment of borrowings.

As of September 30, 2020, the company has three strategically located manufacturing facilities in India — in the states of Rajasthan, Kerala and Tamil Nadu. Indigo has an extensive distribution network across 27 states and 7 union territories particularly in Kerala, West Bengal, Bihar, Jharkhand, Chhattisgarh, Odisha and Uttar Pradesh.

The company manufactures a range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints.

Kotak Mahindra Capital Company, Edelweiss Financial Services, ICICI Securities are the BRLMS and Link Intime is the registrar to the Issue.

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