Sequoia Capital-backed Indigo Paints has filed draft red herring prospectus papers (DRHP) with capital markets regulator SEBI to raise about Rs 1,000 crore through an initial public offering (IPO).
The IPO will comprise of fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale (OFS) of up to 58,40,000 equity shares by private equity firm Sequoia Capital, through its two funds viz SCI Investments IV and SCI Investments V, and promoter, Hemant Jalan, as the DRHP.
Net proceeds from the issue would be used for expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu, for purchasing of tinting machines and gyro shakers and repayment/prepayment of borrowings. The IPO is expected to fetch Rs 1,000 crore.
Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the book running lead managers to the issue. The Pune-based company, IndiGo Paints manufactures a range of decorative paints and has an extensive distribution network across the country. As of 30 September 2020, the company has three manufacturing units located in Rajasthan, Kerala and Tamil Nadu.
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