Indigo paints IPO issue subscribed 61 times

Indigo paints IPO issue subscribed 61 times

The public offer of Indigo Paints, the fifth-largest company in the Indian decorative paint industry in terms of revenue, has garnered a strong response from investors.

The public issue has been subscribed 61 times so far on January 22, the final day of bidding, receiving bids for 33.6 crore equity shares against the IPO size of 55.18 lakh shares (excluding anchor book), the subscription data available on exchanges showed.

The portion set aside for qualified institutional buyers witnessed a subscription of 76 times and that of non-institutional investors was subscribed 155 times. The retail investors have put in 13.5 times bids against their reserved portion, and the employees' portion was subscribed 2 times.

Indigo Paints on January 19 had raised Rs 348 crore via anchor book at the higher end of the price band of Rs 1,488-1,490 per share. The Rs 1,170-crore public issue comprises a fresh issue of Rs 300 crore and an offer for sale of 58.40 lakh equity shares by investors.