 "paint, colours, wall, brush")
The initial public offering (IPO) of Indigo Paints on Friday garnered 117x subscription, generating bids worth Rs 96,222 crore.
The qualified institutional buyer (QIB) portion of the issue was subscribed 190x, while the high networth individual or HNI segment was subscribed 263x.
The retail and employee portions were subscribed 16x and 2.5x, respectively.
Analysts said the attractive pricing, relative to its peers, along with its higher growth potential attracted investors towards the issue.
“We forecast FY20-23e EPS CAGR of 48 per cent for Indigo Paints, compared to 14-15 per cent for Asian Paints and Berger, whereas the company valuation at 46x its FY23 EPS
