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Sigachi Industries IPO opens today, experts give 'subscribe' rating

The maker of cellulose-based excipients plans to raise Rs 125.43 crore at the upper price band by issuing 76.95 lakh shares.

November 01, 2021 / 08:21 AM IST
Representative image

Representative image

The initial public offering of Sigachi Industries will open for subscription today, 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 on November 3, has been fixed at Rs 161-163 a share. Sigachi Industries, which makes cellulose-based excipients, plans 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.

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