Sigachi Industries, manufacturer of cellulose-based excipient, is all set to be listed on exchanges today, November 15, 2021. The initial public offer of this company opened on November 1 and closed on November 3, 2021. The Rs 125.43 crore IPO had received a staggering response from investors, who subscribed the issue over 100 times. The initial public offer of Sigachi Industries had received a whopping 101.91 times subscription on the last day of the offer. The IPO received bids for 54,89,47,440 shares against 53,86,500 shares on offer, as per NSE consolidated data. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Earlier, the company had fixed a price band of Rs 161-163 per share for Sigachi Industries. It had issued 76.95 lakh equity shares through IPO. 

See Zee Business Live TV Streaming Below:

The company plans to use the revenue raised through the public issue for the expansion of the production capacity facility for Microcrystalline cellulose at Dahej and Jhagadia. It also will use the proceeds to manufacture Croscarmellose Sodium at Kurnool and for general corporate purposes. However, the company will not receive any proceeds from the Offer for Sale (OFS). 

Before the issue the promoters and promoter group held 64.6 percent stake in the company, which will reduce to 48.5 percent post issue. The public shareholding will increase to 51.5 percent post the issue from the existing 35.4 percent. 

Book running lead managers to the issue is Unistone Capital, while  Bigshare Services Private Ltd. is the registrar of the public issue. 

Sigachi Industries Ltd was incorporated as a private limited company in 1989. It manufactures 59 different grades of Microcrystalline Cellulose (MCC) at its manufacturing units, situated at Hyderabad and Gujarat with an aggregate installed capacity of 11,880 MTPY.