Sigachi Industries IPO mops up Rs 38 crore from 2 anchor investors

Microcrystalline cellulose manufacturer Sigachi Industries has garnered Rs 37.62 crore from 2 anchor investors on October 29, ahead of IPO. The offer will open for subscription on November 1.

"The IPO committee of the company has finalised allocation of 23,08,500 equity shares to anchor investors, at a price of Rs 163 per equity share," said the company in its BSE filing.

Two anchor investors that invested in the company are 3 Sigma Global Fund and Nexus Global Opportunities Fund.

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Sigachi Industries is planning to mop up Rs 125.43 crore at upper end of price band of Rs 161-163 per share. It will issue 76.95 lakh equity shares through IPO.

It is the smallest issue in size among seven IPOs recently launched, including Nykaa and Fino Payments Bank.

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Sigachi is going to utilise issue proceeds for capital expenditure; expansion of production capacity for microcrystalline cellulose (MCC) at Dahej & Jhagadia, Gujarat; and manufacturing of croscarmellose sodium (CCS), a modified cellulose used as excipient at Kurnool, Andhra Pradesh.

Currently, the company manufactures 59 different grades of MCC at manufacturing units in Hyderabad and Gujarat with an aggregate installed capacity of 11,880 metric tonnes per year (MTPY).

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