Indigo Paints IPO
Indigo Paints Limited (INDIGOPNTS) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 02 February 2021.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +74.0% (likely range +36% to +127%), day's high +96.9%, chance of a gain 97%. Actual: +75.0% at the open, +110.0% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 15,56,690 | 29,50,96,470 | 190x | |
| NII (HNI) total | 11,67,514 | 30,71,17,820 | 263x | |
| Retail | 27,24,198 | 4,34,01,190 | 15.9x | |
| Employees | 70,000 | 1,74,650 | 2.50x | |
| Total | 55,18,402 | 64,57,90,130 | 117x |
Bids on NSE and BSE together, as published by NSE. Shares offered exclude the anchor portion. 5% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Indigo Paints's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Indian Railway Catering and Tourism CorporationOct 2019 | 109x | 355x | 14.9x | 112x | ₹1,125 Cr | +95.6% | +132.4% |
| MAS Financial ServicesOct 2017 | 148x | 379x | 16.0x | 128x | ₹464 Cr | +43.8% | +48.5% |
| Dixon Technologies (India)Sep 2017 | 135x | 346x | 10.6x | 118x | ₹600 Cr | +54.3% | +71.2% |
| Godrej AgrovetOct 2017 | 151x | 236x | 7.67x | 95.4x | ₹1,180 Cr | +33.8% | +37.0% |
| Avenue SupermartsMar 2017 | 145x | 278x | 7.51x | 105x | ₹1,895 Cr | +100.7% | +117.0% |
| Amber Enterprises IndiaJan 2018 | 175x | 519x | 11.7x | 165x | ₹603 Cr | +36.8% | +47.7% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Edelweiss Financial Services | 16 | +25.0% | 69% |
| ICICI Securities | 109 | +21.3% | 69% |
Offer documents (NSE)
Frequently asked
What is the Indigo Paints IPO price band and lot size? ₹1,488–1,490 per share, with a lot of 10 shares, so the smallest retail bid is ₹14,900.
How many times has it been subscribed? 117x overall: QIB 190x, NII 263x, retail 15.9x, employees 2.50x.
How did it list? It opened at ₹2,608, +75.0% against the issue price of ₹1,490, and closed its first day +109.2%.
