Sigachi Industries more than triples money for IPO investors on listing

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Sigachi Industries more than triples money for IPO investors on listing
BCCL
  • Shares of Sigachi Industries list at ₹575 while the shares were allotted at ₹163 per share.
  • The IPO was subscribed 101.91 times on the last day of the bidding.
  • The market capitalisation of the company stood at ₹1,856 crore.
Shares of Sigachi Industries made a strong listing on the National Stock Exchange (NSE) and BSE at 252% premium over the issue price of ₹163 apiece.

Post listing, the market capitalisation of the company stood at ₹1,856 crore, according to BSE data.

The shares of Sigachi Industries were trading at ₹603, higher by 270% at 10.08 a.m., on November 15. The grey market showed a strong listing for Sigachi Industries a day prior to the listing with a ₹220 premium per share.

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Moreover, the IPO ⁠— open between November 1 and November 3 ⁠— was a hit among investors. It was subscribed 101.91 times on the last day of the bidding.

The company is engaged in the manufacturing of microcrystalline cellulose, the polymer that is widely used for finished dosages in the pharmaceutical industry. The company was looking to raise ₹125.43 crore by selling 76.95 lakh shares through the IPO with a price band of ₹161 to ₹163 per share.

The proceeds from the issue will be used for expansion of production facilities of MCC at Dahej and Jhagadia in Gujarat. It operates through three manufacturing units in Hyderabad and Jhagadia, Dahej located in Gujarat.

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