- Hyderabad-based Sigachi Industries manufactures microcrystalline cellulose and has two plants in Gujarat.
- According to Gray Market, the shares of Sigachi will be listed at a premium of Rs 220 per share.
- The issue price of Sigachi Industries is Rs 161-163, which means it can be listed at a premium of 135% as per the gray market.
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 small 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.
125.43 crore Sigachi Industries IPO opened for subscription from 1st to 3rd November with a price band of Rs 161-163. Narottam Dharawat of Mumbai-based Dharavat Securities said the company has attracted investors due to its good revenue and unique product line. The company has recorded consistent profits despite the Corona epidemic.
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.