The Rs 11,700 million initial public offering  (IPO) of Indigo Paints has received a tremendous response from investors by getting 117 times subscription so far on January 22, the final day of bidding.

Investors bid for over 645.7 million equity shares against the IPO size of 55.18 lakh shares.

Qualified Institutional Buyers (QIB) witnessed a subscription of 189.6 times and that of Non-institutional investors (NII) was subscribed 263 times their portion. The retail investors have put in 15.93 times bids against their reserved portion, and the employees' portion was subscribed 2.49 times.

Indigo Paints was the second IPO of 2021 after IRFC. The IPO closes today and is expected to be listed just a day after the Union Budget.

Indigo Paints on January 19 had raised Rs 3,480 million via anchor book at the higher end of the price band of Rs 1,488-1,490 per share.

The public issue comprises of a fresh issue of Rs 3,000 million and an offer for sale of 58.40 lakh equity shares by investors (Sequoia Capital India Investments IV and SCI Investments V) and promoter Hemant Jalan.