Microcrystalline cellulose maker Sigachi Industries’ initial public offering (IPO) received 101.91 times subscription on the last day of its release on Wednesday, November 3. IPO Bids were received for 54,89,47,440 shares against 53,86,500 shares on the offer opened on Monday, 1 November.
The finalization of the basis of share allotment is likely to take place next week on Wednesday, November 10, 2021, and the equity shares are expected to be deposited on the bidders who received the allotment on Friday, November 12. Bidders can check the allotment on the website of Bigshare Services Pvt Ltd, Registrar of IPOs Here or on BSE website Here.
Shares of Sigachi Industries remain stable in the gray market as they command a premium (GMP) today ₹175, according to market observers. The shares of the company are expected to be listed on the major stock exchanges NSE and BSE on November 15, 2021.
The Hyderabad-based firm is engaged in the manufacturing of Microcrystalline Cellulose (MCC), which is widely used in the pharmaceutical industry as an adjuvant for finished supplements and has various applications in the food, nutraceuticals and cosmetic industries. It operates from three manufacturing units located at Hyderabad, Jhagadia and Dahej in Gujarat.
The proceeds from the issue will be used for expansion of MCC’s production facilities at Dahej and Jhagadia in Gujarat. Unistone Capital is the sole book-running lead manager of the issue. This expansion will add 3,600 MTPA of capacity at Dahej and Jhagadia facility, taking its capacity to 7,890 MTPA and 5,760 MTPA respectively.
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