Sigachi Industries IPO opens today: GMP, price, dates and everything you need to know

Sigachi Industries Ltd has opened its initial public offering (IPO) on Monday, November 1 for the subscription. The IPO will remain open till November 3, along with the two other major IPOs of Policybazaar and SJS Enterprises. The company involved in the manufacturing of Microcrystalline Cellulose (MCC) is a major player in the pharmaceutical as well as food, nutraceuticals, and cosmetic industries.

Sigachi Industries IPO price

The Sigachi Industries IPO is finally open and investors can apply for a subscription now. According to the BSE, the company has a set price band of Rs 161 - 163 a share for its sale. With the IPO, the Hyderabad-based manufacturer of cellulose-based excipients plans to raise Rs 125.43 crore. The IPO consists of a fresh issue of 76.95 lakh equity shares.

Sigachi Industries IPO GMP (Grey Market Premium)

According to market observers, Sigachi shares on Monday was available at a Grey Market Premium (GMP) of 150. It can also be noted that the company will not be receiving any proceeds from the Offer for Sale (OFS). The listing of the shares will happen on November 11 on BSE and NSE.

Sigachi Industries IPO Subscription Status

As per market experts, the IPO is expected to have a slow subscription start. As of June 30, 2021, the company held total assets of Rs 1,514.19 crore. The firm’s profit after tax was recorded at Rs 89.89 crore.

Sigachi Industries IPO details

Sigachi Industries Ltd is a Hyderabad-based firm is engaged in the manufacturing of Microcrystalline Cellulose. The company was incorporated in 1989, manufacturing 59 different grades of MCC at its manufacturing units, situated at Hyderabad and Gujarat. The company’s units hold an aggregate installed capacity of 11,880 MTPY.

It currently has operations in three manufacturing units situated at Hyderabad, Jhagadia, and Dahej in Gujarat. According to the company prospectus, the amount raised through the public issue will be used for the expansion of the production capacity facilities at Dahej and Jhagadia. The issue has a sole book-running lead manager in Unistone Capital. Promoters Rabindra Prasad Sinha, Chidambarnathan Shanmuganathan, Amit Raj Sinha and RPS Projects & Developers holds a 53.32 per cent stake in the company.

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