Indigo Paints hits 20% upper circuit, up 110% over issue price

Indigo Paints hits 20% upper circuit, up 110% over issue price

NEW DELHI: Indigo Paints — the newest entrant on Dalal Street — hit the 20 per cent upper circuit on its debut on Tuesday, taking the first-day premium to 110 per cent over the issue price.

The stock was locked at Rs 3,129 per share on BSE with nearly 11.3 lakh pending buy orders across exchanges and no seller in sight.

With this, the company is valued at Rs 14,884.34 crore, as of today.

Earlier in the day, Indigo Paints made a strong market debut with its scrip listing at Rs 2,607.50 apiece on BSE, a 75 per cent premium over its issue price of Rs 1,490.

Indigo Paints’ initial public offer (IPO) ran from January 20 to January 22, and was subscribed 117 times. The issue received bids for 64.58 crore shares against its offer size of 55.18 lakh shares.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 189.57 times, and that for non-institutional investors was lapped up 263.05 times. The retail portion was subscribed 15.93 times.

The stock was commanding a premium of Rs 820 apiece in the grey market after the presentation of Union Budget 2021 in Parliament on Monday. This was higher than a premium of Rs 700-720 levels the scrip was commanding on the previous day.

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