Sigachi Industries Ltd. makes a strong debut on the bourses with scrip got listed at Rs 575.00 on the Bombay Stock Exchange, a 252.76 per cent premium to its issue price of Rs 163.00. On the National Stock Exchange, the stock was listed at Rs 570.00.
The company, which raised 0.77 Cr from initial public offering, was subscribed 66.06 times, receiving bids for 5,083.32 lakhs shares against the total issue size of 76.95 lakhs shares.
The company, listed under T Group Securities post its IPO, opened for subscription from Nov 01 to Nov 03.
Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the BSE.
The company anticipates using the proceeds of the issue for a for expansion of production capacity for microcrystalline cellulose (“MCC) at Dahej, Gujaratb for expansion of production capacity for microcrystalline cellulose (“MCC) at Jhagadia, Gujaratc to manufacture Croscarmellose Sodium (“CCS), a modified cellulose used as excipient at Kurnool, Andhra Pradesh General Corporate Purposes.
Unistone Capital Private Limited as lead managers & Bigshare Services Pvt. Ltd. is the registrar, to the issue.
Meanwhile, the broader benchmark BSE Sensex closed trade at 60,686.69, up 767.00 points, or 1.28 per cent.