- The IPO of Sigachi Industries was open for subscription during November 1-3, the issue price was Rs 163
- It was listed on BSE at Rs 570, while on NSE it was listed at Rs 570 per share.
- Even 24 hours before the listing, its premium was being reported in the gray market.
The IPO of Sigasino Industries opened for subscription on November 1-3. The company has raised Rs 125.43 crore through this IPO. Its issue price was Rs 161-163 per share.
Premium bidding was taking place in the gray market 24 hours before the listing. Its premium in the gray market was Rs 220-230. The issue also received an overwhelming response from investors and was hit 120 times.
Apart from investors, experts were also keen on the listing of Sigachi Industries. Analysts had speculated that Hyderabad-based microcrystalline cellulose (MCC) maker could prove to be another Paras Defense Technologies. However, the company has also broken the record of Paras Defence, which was listed at a premium of 175 per cent.
MCC is used in the pharmaceutical, food, nutraceuticals and cosmetics industries. Sigachi has three plants, one in Hyderabad and the other in Gujarat. Sigachi’s shares will be listed at a premium of Rs 220 per share, which is 135 per cent higher than its issue price of Rs 163.
Dealers tracking the gray market said the company’s fundamentals are very strong and its growth is very strong. Also its evaluation is fair. Unlisted Arena co-founder Abhay Doshi said that the issue is a bit petty and has got huge subscriptions. The company has a lot to offer investors. The growth of the company has been continuous. In the initial few days, this stock will move from one circuit to another.
Significantly, after Diwali, many IPOs have come in the stock market. In which the heroine was listed as expected and she doubled the investors’ money on the very first day itself. On the second day also, its stock saw a rise. However, investors have not shown much interest in the country’s biggest Paytm IPO.