Indigo Paints Ltd. said its initial public offering (IPO) will open on January 20. The price band has been fixed at ₹1,488 – ₹1,490 per equity share. The IPO comprises fresh issue of ₹300 crore and an offer for sale by existing investors amounting to ₹870 crore at the upper band.
From the net proceeds, the company proposes to use ₹150 crore towards funding capital expenditure, expansion of its existing manufacturing facility at Pudukkottai, Tamil Nadu by setting-up an additional unit adjacent to the existing facility; ₹50 crore for purchase of tinting machines and gyroshakers; ₹25 crore towards repayment/prepayment of all or certain borrowings; and the balance towards general corporate purposes.
