Sigachi makes a bumper debut, stock Share price opens with 252% premium

Microcrystalline cellulose Sigachi Industries on November 15 started off trade with a stellar premium of 252.76 percent on the bourses

The stock opened at Rs 575 on the BSE, against the issue price of Rs 163 up ₹412.00 or 252.76 per cent over its issue price. The stock got listed at ₹570 on the NSE.

The Rs 125.43-crore public issue had seen an overwhelming response from investors as it was subscribed 101.91 times during November 1-3, 2021

Over 30 years of continuous growth, the company is one of the leading manufacturers of MCC (cellulose-based excipients) in India.

The amount raised through the public issue will be used for the expansion of existing manufacturing facilities at Dahej as well as Jhagadia in Gujarat and for general corporate purposes.

Manoj Dalmia, Founder, and Director, Proficient Equities, said that investors may book profits as the gains are more than 250 percent.