Indigo Paints IPO subscribed 2x on Day-1, gets bids for 10.5 mn shares

IPO consists of Rs 300 crore in fresh fund raise and Rs 870 cr of secondary share sale. issue closes Friday

Indigo Paints’ initial public offering (IPO) was subscribed nearly two times on the opening day. The offering has garnered bids for 10.5 million shares against 5.5 million on offer. On Tuesday, the company had offered shares worth Rs 348 crore to anchor investors. The IPO price band is Rs 1,488-Rs 1,490 per share. At the top end, The paint maker is valued at Rs 7,088 crore. The IPO comprises of Rs 300 crore worth of fresh fund raise and Rs 870 crore of secondary share sale. The issue closes on Friday.