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Sigachi Industries IPO opens from November 1, price band set at Rs 161-163 a share

The company is planning to raise Rs 125.43 crore at the upper price band, by issuing 76.95 lakh shares

October 27, 2021 / 12:42 PM IST
Representative image

Representative image

Sigachi Industries’ initial public offering will open for subscription on November 1, the third IPO to be available for bids on the day along with Policybazaar and SJS Enterprises.

The price band for the offer, which closes November 3, has been fixed at Rs 161-163 a share.

Sigachi Industries that makes cellulose-based excipients is planning to raise Rs 125.43 crore at the upper price band by issuing 76.95 lakh shares.

The Hyderabad-based company plans to utilise the proceeds for capital expenditure, expansion of production capacity for microcrystalline cellulose (MCC) and manufacturing of croscarmellose sodium, a modified cellulose.

Sigachi manufactures 59 different grades of MCC at units in Hyderabad and Gujarat with an aggregate installed capacity of 11,880 metric tonnes per year.

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It has also entered into operations and management agreements with Gujarat Alkalies and Chemicals for operating and managing GACL’s units and for contract manufacturing of sodium chlorate, stable bleaching powder and poly aluminum chloride.

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Promoters Rabindra Prasad Sinha, Chidambarnathan Shanmuganathan, Amit Raj Sinha, and RPS Projects & Developers hold 53.32 percent satke in the company.

The shareholding of promoter and promoter group is at 64.64 percent.

Also read: Policybazaar IPO to open on November 1, price band set at Rs 940-Rs 980 a share

Unistone Capital is the book running lead manager to the issue.
Moneycontrol News
first published: Oct 27, 2021 12:42 pm

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