Sequoia Capital India to take tough action against frauds at Indian startups
The Grovers are no more a part of the fintech company which initiated an internal probe against them.
Sequoia Capital-backed Indigo Paints on Thursday announced the firm is set to launch its Rs 1,000 crore IPO next week. The company has fixed a price band of Rs 1,488-1,490 a share for its initial share-sale. The issue will open for public subscription on January 20 and will conclude on January 22.
The IPO comprises fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm Sequoia Capital, through its two funds (SCI Investments IV and SCI Investments V) and promoter Hemant Jalan.
The anchor investors’ portion will be open for subscription on January 19, Indigo Paints said in a virtual press conference.
Advertisement
At the upper end of the price band, the public issue is expected to fetch Rs 1,170.16 crore, which comprises Rs 300 crore through fresh issuance of shares and Rs 870.16 crore through offer-for-sale.
Half of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors, 15 per cent for non-institutional bidders and there is a reservation of up to 70,000 equity shares for subscription for employees, who will get a discount of Rs 148 per equity share to the offer price.
Proceeds from the fresh issuance of shares 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.
Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the book running lead managers to the issue.
The Pune-based company manufactures a range of decorative paints and has an extensive distribution network across the country. As of September 30, 2020, the company has three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu.
Advertisement
