Indigo Paints Ltd. makes a strong debut on the bourses with scrip got listed at Rs 2,607.50 on the Bombay Stock Exchange, a 75.00 per cent premium to its issue price of Rs 1,490.00. On the National Stock Exchange, the stock was listed at Rs 2,607.50.

The company, which raised 0.78 Cr from initial public offering, was subscribed 116.11 times, receiving bids for 9,103.24 lakhs shares against the total issue size of 78.40 lakhs shares.

The company, listed under B Group Securities post its IPO, opened for subscription from Jan 20 to Jan 22.

Following a strong opening, the scrip touched an intraday high of Rs 3,129.00 and a low of Rs 2,428.20, before closing the session up by 109.30 per cent to its listing price at Rs 3,118.65 on the BSE.

The company anticipates using the proceeds of the issue for Funding capital expenditure for expansion of the existing manufacturing facility at Pudukkottai, Tamil Nadu (the “Proposed Expansion) by settingup an additional unit (the “Additional Unit) adjacent to the existing facility, Purchase of tinting machines and gyroshakers, Repayment/prepayment of all or certain of the borrowings, General corporate purposes.

Edelweiss Financial Services Ltd.,Kotak Mahindra Capital Company Ltd.,ICICI Securities Ltd as lead managers & Link Intime India Private Limited is the registrar, to the issue.

Meanwhile, the broader benchmark BSE Sensex closed trade at 49,797.72, up 1,197.11 points, or 2.46 per cent.