News > Sequoia Capital-backed Indigo Paints gets Sebi nod to float IPO

Sequoia Capital-backed Indigo Paints gets Sebi nod to float IPO

Indigo Paints, which filed its preliminary IPO papers with Sebi in November, obtained its observation on December 31. Proceeds from the fresh issuance of shares would be used for expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu, purchase of tinting machines and gyro shakers, and repayment/prepayment of borrowings.

The Pune-based company manufactures a range of decorative paints and has an extensive distribution network across the country.