Indigo Paints Makes Impressive Market Debut, Shares Jump Nearly 82% Over Issue Price

New Delhi: The shares of Indigo Paints made a strong market debut on Tuesday, with a 75 per cent premium over its issue price of Rs 1,490, given the strong initial public offering (IPO) subscription and Budget-driven bullish market sentiment. Backed by Sequoia Capital, Indigo Paints’ IPO attracted a strong subscription of 117 per cent in the last week of January. Also Read – Indigo Paints IPO Share Allotment Status: Here’s How You Can Check Status Via Registrar, BSE Website

During the three-day bidding process, which ran from January 20 to January 22, the Indigo Paints IPO received a rave response from the stock market investors and was subscribed 117.02 times. It received bids for 64.58 crore shares against an offer size of 55.18 lakh shares. Also Read – IndiGo Paints IPO: Launch Date, Issue Price | All You Need To Know

Meanwhile, the portion reserved for qualified institutional buyers (QIBs) was subscribed 189.57 times, while that for non-institutional investors was lapped up 263.05 times. The retail portion was subscribed 15.93 times.

Earlier in the day, the stock got listed at Rs 2,607.50, registering a sharp gain of 75 per cent against its issue price on the BSE. Later, it zoomed 84.98 per cent to Rs 2,756.30. At the NSE, it listed at Rs 2,607.50, jumping 75 per cent.

The company’s market valuation stood at Rs 11,684.85 crore on the BSE. Indigo Paints’ Rs 1,170-crore initial share-sale last month garnered an overwhelming response from investors and was subscribed 117 times.

The price range for the offer was fixed at Rs 1,488-1,490 per share. The Pune-based company manufactures a range of decorative paints and has an extensive distribution network across the country.