New Delhi: Chemical manufacturing company Sigachi Industries has made a tremendous debut in the stock market as its share listed on Bombay Stock Exchange (BSE) on Monday at Rs 575.
Sigachi Industries had fixed the share price for the IPO at Rs 163, while it is listed at Rs 575 which is an increase of about 253 percent or Rs 412 from the issue price. The stock reached Rs 604 on Monday after listing at Rs 575 which is an increase of 5 percent.
The issue also got a great response from investors and was subscribed more than 100 times.
Sigachi's IPO received a great response from investors as the issue was subscribed close to 102 times overall. Sigachi's IPO was open for subscription from November 1 to November 3.
The company had fixed an upper price band of Rs 163 for the issue and the size of the IPO was 53.86 lakh equity shares, while bids were received for 54.88 crore shares.
The GMP of Sigachi Industries on day 1 was Rs 160.
The reserve portion for qualified institutional investors was filled 86.5 times. While the reserve share for retail investors was filled 80.47 times. At the same time, the reserve share for HNI investors was subscribed 172.43 times.
Sigachi Industries manufactures microcrystalline cellulose (MCC), is a polymer which is used in the farm industry.
The company has plants in Hyderabad and Gujarat, where 50 types of MCCs are made. Sigachi's IPO was open for subscription from November 1 to November 3.
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