Sigachi Industries Initial Public Offering (IPO) received overwhelming response largely from the support of non-institutional buyers. Sigachi Industries IPO According to the data of National Stock Exchange or NSE, it was subscribed 101.91 times on the last day i.e. November 3. The IPO received bids for 54,89,47,440 shares as against 53,86,500 shares. The share of non-institutional investors was subscribed 172.43 times. On the other hand, Qualified Institutional Buyers (QIBs) were subscribed 86.51 times and Retail Individual Investors (RIIs) were booked 80.49 times.
Sigachi Industries IPO Listing, Refund Dates
The IPO of Sigachi Industries will be listed on the National Stock Exchange and the Bombay Stock Exchange. The listing will take place on November 15, while the basis for allotment will be announced on November 10. The basis for allotment of an IPO is when its registrar publishes a document after finalizing the share allotment. It is based on regulatory guidelines. Those who will not be selected in the list, their refund will be done in their bank accounts on November 11. Credit to the demat account will be done on November 12. The bidders of the offer may check the Sigach Industries IPO listing on the Registrar Bigshare Services Private Limited website or BSE website.
Sigachi Industries IPO GMP
As of Friday, November 5, the gray market premium or GMP of Sigachi Industries IPO was fixed at Rs 190. It was up almost 120 per cent from the high end of the issue price of Rs 163. Higher GMP indicated a strong listing for Sigachi. Industry stocks on NSE and BSE due later this month.
Sigachi Industries IPO Details
The price range of Sigachi Industries IPO was fixed at Rs 161-163 per share. The value of this offer was Rs 125.42 crore. Unistone Capital Private Limited was the sole manager for the initial public offering. The overwhelming response to the proposal was likely driven by the company’s reputation for being one of the most well-known units in the MCC industry. “The company has made progress in the development of MCC and is positioned as one of the major manufacturing players globally in the manufacture of MCC based excipients. In the domestic market, the company is one of the leading manufacturers of MCC. This is due to its technical capabilities. , with capable R&D division and manufacturing infrastructure, makes it a first mover advantage in India,” said Anand Rathi, Market Analysis Group.
Company Objectives
Sigachi Industries plans to use the funds from the IPO to expand production capacity. The money will be used to expand production at their Dahej and Jhagadia units in Gujarat. Rs 2,815.82 lakh will be used in dowry, Rs 2,924.13 lakh will be used in Jharjharia. In addition, a capital expenditure of Rs 3,229.87 will be used for manufacturing of CCS in a unit to be set up at Kurnool. The company also plans to use it for general corporate purposes.
According to Reliance Securities, “Sigachi Industries Limited (SIL), incorporated in 1989, is engaged in the manufacturing of Microcrystalline Cellulose (MCC), which is widely used as a subsidiary in various industries. MCC’s Pharmaceutical, There are diverse applications in the food, nutraceuticals and cosmetic industries. The company manufactures various grades of MCCs ranging from 15 microns to 250 microns, and the major grades of MCCs manufactured and marketed by it are branded as HighCell and Essel Presently, the company manufactures 59 different grades of MCC at its units located in Hyderabad and Gujarat.
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