By Shares of decorative paints manufacturer Indigo Paints made a stellar debut on the BSE and National Stock Exchange (NSE) today listing at a premium of 75 per cent against their issue price.
The scrip initially got listed at Rs 2,607.50 apiece on both the BSE and NSE, thereby registering a rise of 75 per cent from its offer price of Rs 1,490. The stock however continued its upward momentum during the day and froze after hitting its 20 per cent upper circuit at Rs 3,129.00 on both the bourses.
It eventually settled at that level, thereby registering a 110 per cent rise on the issue price. During the day, the stock hit a low of Rs 2,428.20 on the BSE and Rs 2,436.05 on the NSE.
The company’s market valuation stood at Rs 14,884.34 crore, according to data available on the BSE.
Over 1.26 crore (1,26,50,439) shares of Indigo Paints were traded on the NSE during the first day, while over 10.35 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.
The Rs 1,170 crore IPO of Indigo Paints had received a robust demand during its offer period from January 20-22. The issue was oversubscribed by a 117.02 times. The Pune-based paint maker giant saw 189.57 times subscription from the qualified institutional buyers (QIBs), while the non institutional investors subscribed it a whopping 263.05 times and retail individual investors (RIIs) subscribed to the offer 15.93 times. Employee segment too was subscribed 2.50 times.
The proceeds from the IPO would be used to expand the company’s existing manufacturing facility at Pudukkottai in Tamil Nadu, purchasing tinting machines and gyro shakers and repayment/prepayment of borrowings.
