Indigo Paints files papers with market regulator Sebi for Rs 1,000-cr IPO

Sequoia Capital-backed Indigo Paints has filed preliminary papers with markets regulator Sebi to raise about Rs 1,000 crore through an initial public offering (IPO).

The IPO comprises fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 5,840,000 equity shares by private equity firm Sequoia Capital, through its two funds SCI Investments IV and SCI Investments V, and promoter, Hemant Jalan, according to the draft red herring prospectus (DRHP).

Net proceeds from the issue would be used for expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu, for purchasing of tinting machines and gyro shakers