Everything You Need to Know About Indigo Paints IPO

Incorporated in 2000, Indigo Paints is a manufacturer of decorative paints and solutions, it is one of the top five companies in the Indian decorative paint industry with a distribution network across 27 states and seven union territories. As of September 30, 2020, the company owns and operates three manufacturing facilities located in Rajasthan, Kerala, and Tamil Nadu with an aggregate installed production capacity of 101,903 KLPA for liquid paints and 93,118 MTPA for putties and powder paints.

Between Fiscal 2010 and Fiscal 2019, the company’s revenue from operations saw growth at a CAGR of 41.9%, compared to the range of 12.1% to 13.1% of its peers, making it the fastest-growing among the top five decorative paints manufacturers.

The company aims to raise around Rs. 1200 crores from public offering with the issuance of fresh equity shares of Rs. 300 crores and an Offer for Sale of 58 lakh equity shares. For more information, you can read the IPO Prospectus filed by the company.

Indicative Timetable

Event Date
Issue Period 20th January 2021 - 22nd January 2021
Price Range 1488 - 1490
Minimum Bid Quantity 10 and in multiples thereof
Finalisation of Allotment 28th January 2021
Initiation of Refunds 29th January 2021
Credit of Shares 1st February 2021
Listing 2nd February 2021

How do I apply to the Indigo Paints IPO?

You can apply for the Indigo Paints IPO using any supported UPI app by following two steps:

  • Enter your bid on Console
  • Accept UPI mandate on your phone

On acceptance of the mandate, the bid amount will get blocked in your bank account. Click here to learn more.

1 Like

Console portal is down :frowning:

@ShubhS9 @siva,

I applied for Indigo paints IPO in HNI category.but I am not allocated any shares. Arent shared allocated proportionally for HNI applications in case of over subscription?

Yes, shares are alloted proportionally only, but they still have to allot quantity equal to one lot, ie. in case of Indigo Paints, minimum 10 shares.

You can read the point 7.6.1.1 here to know how the allotment on proportionate basis works

1 Like

@ShubhS9

Who are the HNIs? Anyone who puts a bid of worth more than 2 lakh is considered as HNI or while opening a DMATE account we have define ourself as HNI?

You don’t have to specify anything. If you make a bid worth more than 2 lakhs, your application will be considered in NII (HNI category). The application can be made only through Netbanking ASBA.

Thank you… The benefit of applying under HNI category is the surety of getting IPO shares.
Are there any extra tax implications or any other drawbacks of applying in HNI category?

@Shivam_Gupta There is no surety even in HNI…But the probability is more compared to Retail category. I have bid for Indigo in HNI but didn’t get any allocation, but later came to know that even to get mimimum number of shares allocated ,our bid quantity(no of shares) should be greater than NII subscription count. So it all all depends on how oversubscribed the issue is in NII category and for how much amount we bid…

Eg : I bid for 150 quantity of indigo .issue oversubscribed by 263 (NII category).So 150/263==< 1 share…so no allotment…Hope you got it.

@sudheer_kumar thank you so much for detailed explanation.

I’m yet to receive the bid amount blocked for Indigo IPO. I had placed the request through Zerodha using Google pay and my bank account is with HDFC Bank. I’ve already mailed to Indigo registrar ([email protected]) but i did not get any response. How long does it normally take for the blocked amount to be released? To whom should i escalate the matter?

Amount should usually get unblocked by mandate end date.

You can contact NPCI at [email protected] with your application number, IFSC Code, and Bank account number and also get in touch with your respective Bank.

Thanks for the prompt reply. Will the funds be credited back to Zerodha funds or HDFC Bank??

Funds will be released back in bank account from which you made application from.

Hi - HDFC has confirmed that 'there is no hold funds in your account for IPO". So what’s my next resort. I’ve already mailed to [email protected] twice.