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Sequoia Capital backed Indigo Paints files papers for IPO, looking to raise Rs 1,000 crore

Sequoia Capital-backed Indigo Paints files papers for IPO, looking to raise Rs 1,000 crore

Sequoia Capital-backed Indigo Paints files papers for IPO, looking to raise Rs 1,000 crore
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By CNBCTV18.com Nov 12, 2020 2:31:08 PM IST (Published)

The Pune-based firm is looking to raise about Rs 1,000 crore through the IPO, as per market sources.

Sequoia Capital-backed Indigo Paints has filed preliminary papers with market regulator SEBI for an initial public offering (IPO). The Pune-based firm is looking to raise about Rs 1,000 crore through the IPO, as per market sources.

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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 each by Investor Selling Shareholder Sequoia Capital through its two funds SCI Investments IV and SCI Investments V and Promoter Selling Shareholder, Hemant Jalan.
Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the book running lead managers to the issue while Link Intime is the registrar to the issue, the company said in a press release.
It added that the net proceeds from the issue would be used for the expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu. It would also be used for purchasing tinting machines and gyro shakers and repayment/prepayment of borrowings.
The paint company has an extensive distribution network across 27 states and 7 union territories particularly in Kerala, West Bengal, Bihar, Jharkhand, Chhattisgarh, Odisha and Uttar Pradesh.
As of September 30, 2020, the company has three strategically located manufacturing facilities in India, located in the states of Rajasthan, Kerala and Tamil Nadu.
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