Indigo Paints was incorporated on March 28, 2000. The company manufactures a complete range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints and also manufactures certain differentiated products in the decorative paint market in India, which includes Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminate, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel
| Bidding Dates |
|---|
| 20 Jan 2021 - 22 Jan 2021 |
| Subscription |
|---|
| 117.02x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,900 | 1 | 13 | 10 | 7.9 M | ₹1488 - ₹1490 | 83.41 % | ₹11744.2 M - ₹11760.0 M | RHP DOC |
Indigo Paints IPO SUBSCRIPTION STATUS
22 Jan '21Indigo Paints IPO overall subscription rate was 117.02 times the total available shares
Indigo Paints IPO retail subscription rate was 15.93 times in the retail segment
Indigo Paints IPO non-institutional investor subscription rate was 263.05 times in the non-institutional investor category
Indigo Paints IPO Qualified Institutional Bidder subscription rate was 189.57 times the available shares for Qualified Institutional Bidder
Indigo Paints IPO Employees subscription rate was 2.5 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
22 Jan 2021 (Day 3) | 15.93x | 263.05x | 189.57x | 2.5x |
21 Jan 2021 (Day 2) | 10.38x | 5.38x | 3.86x | 1.81x |
20 Jan 2021 (Day 1) | 3.29x | 1.1x | 0.11x | 0.73x |
Indigo Paints FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from operations (Rs in millions) | Cash Flow from operations (Rs in millions) | Free Cash flow (Rs in millions) | Margins |
| H1FY21 | 272.1 | 2,594.2 | 531.6 | 397.0 | 18.5% |
| H1FY20 | 59.9 | 2,726.4 | 270.2 | -80.7 | 8.6% |
| FY20 | 478.2 | 6,247.9 | 723.4 | 110.2 | 14.6% |
| FY19 | 268.7 | 5,356.3 | 515.9 | -117.5 | 10.1% |
| FY18 | 128.6 | 4,014.8 | 238.4 | 57.1 | 6.4% |
Indigo Paints IPO SUBSCRIPTION STATUS DETAILS
Indigo Paints had 7.9 M shares on offer
Indigo Paints IPO offer price was in the range ₹1488 - ₹1490
Indigo Paints IPO minimum Investment was ₹14900
Indigo Paints IPO issue size was ₹ 11744.2 M - ₹ 11760.0 M
Indigo Paints had a minimum lot size of 10 Shares per application
Indigo Paints NUMBER OF SHARES ON OFFER
Indigo Paints IPO IMPORTANT DATES
| Issue Open Date | 20 Jan 2021 |
| Issue close Date | 22 Jan 2021 |
| Allotment Date | 28 Jan 2021 |
| Refund Date | 29 Jan 2021 |
| Demat Account Credit Date | 01 Feb 2021 |
| Listing Date | 02 Feb 2021 |
| Listing on Exchange(s) | NSE and BSE |
| Indigo Paints Allotment Status | Exchange |
Indigo Paints IPO subscription opened on 20 Jan 2021, and closed on 22 Jan 2021
IPO allotment for Indigo Paints was finalized on Thursday, 28 Jan 2021
IPO listing for Indigo Paints was on NSE and BSE on Tuesday, 02 Feb 2021
Indigo Paints IPO LISTING GAINS
| Issue Price (adjusted) | 1490.0 |
| Listing Open Price | 2607.5 |
| Listing Close Price | 3118.7 |
| Listing Gain% | 75.0% |
| Current Gain% | -24.8% |
Indigo Paints Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Indigo Paints Ltd. | 1120.5 | 5330.1 | 36.9 | 15.8 | 3.8 | 12.6 | 8.9 | 1418 | 4.3 | 145.1 | 2.3 | 30.4 | 2.3 |
| Asian Paints Ltd. | 2735 | 262340.6 | 55.1 | 1.7 | 7.1 | 20.2 | 12.5 | 36307.3 | 5.3 | 4325.4 | 17.9 | 49.7 | 32.5 |
| Berger Paints (India) Ltd. | 530.6 | 61856.5 | 50.8 | 7.8 | 5 | 16.3 | 11.2 | 11987 | 3 | 1126.9 | -4.5 | 10.4 | 6.6 |
| Kansai Nerolac Paints Ltd. | 212.4 | 17174.4 | 28.6 | -0.6 | 2.1 | 8.8 | 6.8 | 8197.8 | 3 | 589.5 | -48.4 | 7.4 | -47 |
| JSW Dulux Ltd. | 3011.7 | 13793 | 7 | 0 | 3.7 | 80.6 | 52 | 3697.7 | -10.2 | 1973.8 | 359.6 | 431 | 359.6 |
| Sirca Paints India Ltd. | 449.9 | 2555.1 | 38.1 | 1.4 | 5 | 13.7 | 11 | 496.4 | 30.9 | 65 | 32.5 | 11.8 | 26.3 |
Indigo Paints INFORMATION ON IPO ISSUE
About Indigo Paints
Indigo Paints was incorporated on March 28, 2000. The company manufactures a complete range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints and also manufactures certain differentiated products in the decorative paint market in India, which includes Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminate, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel
Object of the Issue
1. To meet the capital expenditure requirements for manufacturing facility expansion at Pudukkottai, Tamil Nadu
2. To purchase tinting machines and gyroshakers.
3. To repay all or certain borrowings.
4. To meet general corporate purposes.
Indigo Paints - PROMOTERS
| Name |
|---|
| Hemant Jalan, |
| Anita Jalan, |
| Parag Jalan, Kamala Prasad Jalan, |
| Tara Devi Jalan |
| Halogen Chemicals |
Indigo Paints Book Running Lead Managers
Kotak Mahindra Capital Company Limited
indigopaints.ipo@kotak.com
Edelweiss Financial Services Limited
indigopaints.ipo@edelweissfin.com
ICICI Securities Limited
indigopaints.ipo@icicisecurities.com
Indigo Paints Registrar to the Offer
Link Intime India Private Limited
indigopaints.ipo@linkintime.co.in
Indigo Paints Strengths
Product portfolio
Large product portfolio with differentiated products.
Consistent growth
Well-proven, and consistent growth track record.
Brand value
The company has strong brand equity
Distribution network
The company has extensive network distribution
Strategic location
Strategically located manufacturing facilities
Indigo Paints Risks
Competitive business
The company is engaged in highly competitive business
No long term arrangement with dealers
The compay does not enter into long term arrangements with the dealers
Concentrated sales
A significant portion of the sales are derived from the state of Kerala
Incurred borrowings
The company has incurred borrowings from commercial banks and an inability to comply with repayment and other covenants in financing agreements could adversely affect the busines
IPO FAQs
This IPO consists of an offer for sale of up to Rs 876.0 crore, of 5,840,000 shares. It also consists of a fresh issue of Rs 300.0 crore.
The promoters of the company are Hemant Jalan,, Anita Jalan,, Parag Jalan, Kamala Prasad Jalan,, Tara Devi Jalan and Halogen Chemicals.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 1488.0 - 1490.0.
The IPO application opens on Jan 20, 2021 and closes on Jan 22, 2021.
The minimum lot size for the IPO is 10. The maximum lot size for the IPO is 130.
For all category investors, the minimum application amount for this IPO is Rs. 14,900.0, the maximum value for this IPO is Rs 193,700.0.
This IPO will be allotted on Jan 28, 2021.
The refund will be credited to your account on Jan 29, 2021.
The allotted shares will be credited to your demat on Feb 01, 2021.
Indigo Paints Ltd.’s shares listed on the stock exchanges on Feb 02, 2021.