IPO Review - Discussion until listing

For Indigo paints, I had started this separate VP thread:Indigo Paints: Upcoming Star

tl;dr One para Investment Thesis: Indigo is the fifth largest paints manufacturing company with 2% market share. It is growing at quite a steady and fast pace, based on differentiated and innovative products (metallic emulsions, ceiling and floor paints, cement paints), high brand building & Ads spending, and differentiated business strategy: while top players started with metro cities and are now expanding to tier 3 and 4 towns, indigo has solidified their presence to some extent in smaller towns & villages and are now looking to expand to tier 1 and 2 cities. Company is able to successfully create demand for and sell their products, creating, expanding and utilizing larger manufacturing capacities (in fact all proceeds of Fresh IPO issue will go to capacity expansion). Given the very small size (2% market share) compared to opportunity size, high industry growth (10-13%), very high company growth (20%+) and reasonable valuations (6x EV/sales), Indigo is a reasonable investment candidate as per available information.

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