Sigachi Industries received over 1.2 crore bids for its shares in the IPO.Sigachi Industries’ three-day share sale via initial public offering (IPO) was fully subscribed within an hour of opening on the first day of the issue. Sigachi Industries’ Rs 125 crore IPO was subscribed 2.29 times by 11:51 am, according to data on the National Stock Exchange. Sigachi Industries received over 1.2 crore bids for 53.86 lakh shares on the offer. A total of 1.03 crore bids were received at the cut-off price, NSE data showed.Sigachi Industries shares were in very high demand among the retail individual investors as portion set aside for them was subscribed 4.27 times while the portion reserved for qualified institutional buyers (QIBs) and non-institutional investors was yet to be subscribed, according to data on the stock exchanges.Sigachi Industries is selling shares in the price band of Rs 161-163 per share and a retail investor can bid for a minimum one lot of 90 shares up to maximum of 13 lots. At the upper price band one lot of Sigachi Industries shares in the IPO will cost Rs 14,670. The IPO will close of November 3 and its shares are expected to list on stock exchanges on November 15, 2021.Also Read: Should You Invest In Sigachi Industries IPO?Sigachi Industries was incorporated in 1989 and manufactures 59 different grades of Microcrystalline Cellulose (MCC) at its manufacturing units in Hyderabad and Gujarat with an aggregate installed capacity of 11,880 million tonnes per year. With over 30 years of continuous growth, three multi-locational manufacturing facilities and consistent focus on delivering premium quality product, the company is one of the leading manufacturers of MCC in India.Microcrystalline Cellulose is used as a raw material in making pharmaceutical and nutraceutical products.Sigachi Industries IPO consists of fresh issue of 77 lakh shares and Unistone Capital Private Limited is the book running lead manager while Bigshare Services is the registrar for the issue.
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