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Shares of Indigo Paints more than doubled on their stock market debut on Tuesday. The sharp rally in the stock took price-to-earnings (P/E) of the country’s fifth largest paint maker way past bigger peers such as Asian Paints and Berger Paints.
The stock ended at Rs 3,129, with a gain of 2.1 times over the issue price of Rs 1,490. It could have gained more if not for the 20 per cent trading limit over the discovered price.
Market players attributed part of the gains to short-covering.
Indigo’s stellar debut becomes on the back of hugely oversubscribed IPO, that saw
