The three-day initial public offering (IPO) of the Hyderabad-based Sigachi Industries Limited opened for subscription on Monday, November 1, and will conclude on November 3. The Sigachi Industries IPO is among three public offerings which opened on Monday, with those of Policybazaar and SJS Enterprises being the other two.
Here's all you need to know:
(1.) For its share sale, the company has set a price band of ₹161- ₹163 for each share. The IPO consists of a fresh issue of 7.7 million shares, as against the earlier plan of 2.84 million shares.
(2.) By selling its shares, the firm aims to raise up to ₹1.25 billion ( ₹125 crore) on the upper end price band.
(3.) According to market observers, Sigachi's shares are available at a grey market premium (GMP) of ₹150 in the grey market today. The company plans listing on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on November 11.
(4.) Unistone Capital is the sole book-running lead manager to the issue. Bigshare Services Private Limited is the registrar of this public offering.
(5.) With the issue, Sigachi Industries aims to expand its production facilities in Gujarat (Jhagadia and Dhaej) and Hyderabad. The expansion will lead to an addition of 3600 million tonnes per annum (MTPA) at the Dahej and Jhagadia plants.
{{/usCountry}}(5.) With the issue, Sigachi Industries aims to expand its production facilities in Gujarat (Jhagadia and Dhaej) and Hyderabad. The expansion will lead to an addition of 3600 million tonnes per annum (MTPA) at the Dahej and Jhagadia plants.
{{/usCountry}}About the company: Sigachi Industries is engaged in the manufacturing of microcrystalline cellulose (MCC), which is widely used in the pharmaceutical industry. It carries out its operations from three manufacturing units--the two in Gujarat and one in Hyderabad.