Home / Companies / News /  Sigachi Industries sets price band of 161-163 a share for its IPO

MUMBAI : Sigachi Industries Ltd has set price band of 161-163 a share for its initial public offering (IPO). Earlier, the firm said its IPO will open on 1 November for subscription and close on 3 November. It is planning to list on 11 November on exchanges.

The IPO of Sigachi Industries, a Hyderabad-based manufacturer of cellulose-based excipients, IPO consists of a fresh issue of 7.70 million shares up from earlier planned of up to 2.84 million shares.

On the upper end price band, the firm will raise as much as 125.43 crore through share sale.

The company is engaged in the manufacturing of microcrystalline cellulose, the polymer that is widely used for finished dosages in the pharmaceutical industry

At present, the company manufactures 50 different grades of MCC at its manufacturing units, situated at Hyderabad and Gujarat, under the brand named HiCel and AceCel.

The proceeds from the issue will be used for expansion of production facilities of MCC at Dahej and Jhagadia in Gujarat. The expansion will add 3,600 MTPA capacity to the Dahej and Jhagadia facility, augmenting its capacity to 7,890 MTPA and 5,760 MTPA, respectively.

Sigachi Industries operates manufacturing units namely, Unit-I situated at Hyderabad and two manufacturing units, Unit-II and Unit-III at Jhagadia and Dahej located in Gujarat.

Saffron Capital Advisors has been appointed as the book running lead manager to the issue.

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