Indigo Paints

Indigo Paints Limited
FormerlyIndigo Paints Private Limited (2000–2020)
Company typePublic
ISININE09VQ01012
IndustryChemicals
Founded2000; 24 years ago (2000)
FounderHemant Jalan
(Managing Director & Chairman)
HeadquartersPune, Maharashtra, India
Key people
Products
RevenueIncrease ₹1,073 crore (US$130 million) (2023)[2]
Number of employees
650[3] (2021)
Websiteindigopaints.com

Indigo Paints Limited is an Indian paint company that is headquartered in Pune, Maharashtra, and has five manufacturing facilities that are located at Jodhpur, Kochi and Pudukkottai.[4][5] The company is engaged in manufacturing, selling and distribution of decorative paints, Emulsion, enamels, waterproofing & chemical constructions, wood coatings, distemper, primers, putties and cement paints.[6]

History

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In 2000, Hemant Jalan founded Indigo Paints to manufacture cement paint; by 2021 the company scaled up to become the fifth largest player in terms of revenue generation in the decorative paint industry.[7][8] In December 2019, Jalan stated that the company had established a distribution network across 27 states and seven union territories.[5][9][10] In 2018, Mahendra Singh Dhoni became the company’s brand ambassador.[11] In 2014, Sequoia Capital first invested ₹55 crore in the firm and later in 2016, an additional ₹95 crore in 2016.[5] In 2021, as a part of its IPO, the firm raised ₹348 crore from 25 anchor investors including the Government of Singapore, Fidelity, Goldman Sachs, Nomura, HSBC, Pacific Horizon Investment Trust, SBI Mutual Fund, ICICI Prudential Mutual Fund and Axis Mutual Fund.[12] In 2022, company onboarded Mohanlal as a brand ambassador for promoting its products in the state of Kerala. In 2023, Indigo Paints forayed into the waterproofing and construction chemicals segments, with the acquisition of 51 percent stake[13] in Apple Chemie India Private Ltd (ACIPL).

Initial public offering

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On 20 January 2021, Indigo Paints launched its initial public offering (IPO) of about 1170 crores; the price band was fixed at ₹1,488-1,490 apiece.[10] The issue was oversubscribed by 117 times.[10][14] On February, 2 2021, Indigo Paints Limited made its debut on the NSE and the BSE at a price of ₹2,607.5 per share, a 75 percent premium over its issue price of ₹1,490.[15][16][17] On the listing day, the stock price more than doubled to hit the upper circuit at ₹3,129 per share.[1]

References

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  1. ^ a b c "What Indigo Paints management told analysts ahead of IPO". Economic Times. 15 January 2021. Retrieved 13 April 2021.
  2. ^ "Indigo Paints' net profit up 40.75% in Q4 FY23". Economic Times. Retrieved 10 October 2023.
  3. ^ Nair, Geeta (17 March 2021). "Bumper IPO: Indigo Paints creates wealth for employees". Financial Express. Retrieved 12 April 2021.
  4. ^ "Indigo Paints growth rate to beat industry for many years to come: Hemant Jalan". The Economic Times. 20 January 2020. Retrieved 26 April 2021.
  5. ^ a b c Law, Abhishek (24 June 2019). "Indigo Paints plans to raise up to ₹800 crore via IPO". Business Line. Retrieved 13 April 2020.
  6. ^ "Indigo Paints hits lowest level since listing, slips 29% from all-time high". Business Standard. 17 March 2021. Retrieved 7 April 2021.
  7. ^ Srivastava, Samar (23 July 2018). "Indigo Paints: Adding colours with a new brush". Forbes. Retrieved 7 April 2021.
  8. ^ Sarkar, John (8 December 2019). "We are aiming for Rs 3,000 crore in five years: MD Indigo Paints". The Times Of India. Retrieved 7 April 2021.
  9. ^ Matkar, Sunil (20 January 2021). "Indigo Paints IPO worth Rs 1,170 crore opens today: Should you subscribe?". Moneycontrol.com. Retrieved 7 April 2021.
  10. ^ a b c D'Souza, Sharleen (19 January 2021). "Indigo Paints IPO: Here's All You Need To Know". Bloomberg. Retrieved 12 April 2021.
  11. ^ Laghate, Gaurav (15 June 2018). "Indigo Paints signs MS Dhoni as brand ambassador; plans Rs 240 crore ad spend over 3 years". The Economic Times. Retrieved 7 April 2021.
  12. ^ "Indigo Paints raises Rs 348 crore from 25 anchor investors ahead of IPO". Moneycontrol.com. 20 January 2021. Retrieved 13 April 2021.
  13. ^ "Indigo Paints gains on waterproofing business foray; to compete with Pidilite, Asian Paints". Moneycontrol. 5 April 2023. Retrieved 10 October 2023.
  14. ^ "Indigo Paints IPO subscribed over 50 times so far on final day". Mint. 19 January 2021. Retrieved 12 April 2021.
  15. ^ D'Souza, Sharleen (2 February 2021). "Indigo Paints Shares Double Over IPO Price On Market Debut". Bloomberg. Retrieved 12 April 2021.
  16. ^ "Indigo Paints shares listing on BSE, NSE today: Grey market premium strong, bumper debut likely". India TV. 2 February 2021. Retrieved 7 April 2021.
  17. ^ Bhargava, Kshitij (2 February 2021). "Indigo Paints shares hit 20% upper circuit after bumper debut; total listing day gains touch 110%". Financial Express. Retrieved 7 April 2021.
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