Sigachi's blockbuster debut

about 17 days ago
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Sigachi Industries made a jaw-dropping debut; as against the IPO price of Rs.163, it got listed on the BSE at Rs.575 and at Rs.570 on the NSE, a premium of over 252%.

A fantastic listing price was expected as the IPO was subscribed 101.90 times of which the lion’s share was taken in by the HNIs, subscribing 172.43 times, followed by QIBs at 86.5 times and retail investors at 80.47 times.

It is leading manufacturer of micro-crystalline cellulose (MCC) used by pharma, food and nutraceutical industries, having installed capacity of 12,880 MTPA, with 87% utilization in FY21. With very sound fudamentals, in our IPO Analysis, we had said “Expanding capacity, high margin business and reasonable valuation make this IPO very promising, especially for listing gains. We recommend ‘Apply’ to Sigachi’s IPO.”

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