IndiGo Paints ready to raise Rs 1,000 crore, SEBI applies for IPO

IndiGo Paints, backed by Sequoia Capital, has filed initial papers with market regulator SEBI to raise around Rs 1,000 crore through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), fresh shares worth about Rs 300 crore will be issued under the IPO, while 58,40,000 equity shares will be offered to be sold by private equity firm Sequoia Capital.

The proceeds from the IPO will be used to increase the company’s manufacturing capacity and to repay debt. According to market sources, the IPO is expected to fetch Rs 1,000 crore. Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the leading book managers of the issue.