Image source: Indigo Paints Ltd The shares of Indigo Paints extended their opening day gains and rose around 7 per cent higher in the early morning trade on Wednesday.
The scrip of the Pune-based paint maker rose 7.35 per cent to Rs 3,348.00 on the BSE while on NSE it touched Rs 3,329.95, rising 6.83 per cent in the process.
So far in the day, over 11.87 lakh shares have been traded on NSE while over 1.46 lakh shares exchanged hands on BSE.
The decorative paints manufacturer made a stellar debut in the stock markets on Tuesday as it got listed at a premium of 75 per cent against the issue price of Rs 1,490. The stock however didn’t stop there and hit a 20 per cent upper circuit on the first day.
Indigo Paints IPO had received a robust demand during its offer period from January 20-22. The issue was oversubscribed by 117.02 times.
The company raised Rs 1,170 crore from the issue which would be used to expand the company’s existing manufacturing facility at Pudukkottai in Tamil Nadu, purchasing tinting machines and gyro shakers and repayment/prepayment of borrowings.
