India's Indigo Paints jumps 84% in market debut

Indigo Paints

02/02/2021 05:02

BENGALURU, Feb 2 (Reuters) - Shares in Indian paint maker
Indigo Paints Ltd  INDG.NS  soared 84% in their market debut on
Tuesday after a bumper subscription for its $160 million IPO
last month, boosted by market euphoria following the federal
budget.
    Indigo Paints opened at 2,607.5 rupees ($35.71), a 75%
premium to its issue price of 1,490 rupees.
    Investors bid for 117 times the shares on offer in the
company's initial public offering last month, stock exchange
data showed, highlighting investor confidence in a recovery in
the sector as the economy returns to normalcy from the COVID-19
pandemic.

($1 = 73.0170 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi
Aich)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695;))