Sigachi Industries makes a bumper debut; tepid listing for Pilicybazaar
Microcrystalline cellulose maker Sigachi Industries on November 15 started off trade with a stellar premium of 252.76% on the bourses. The stock opened at Rs 575 on the BSE, against issue price of Rs 163.
The Rs 125.43-crore public issue had seen overwhelming response from investors as it was subscribed 101.91 times during November 1-3, 2021. Qualified institutional buyers had bought shares 86.51 times the portion set aside for them, and non-institutional investors had put in bids 172.43 times a part set aside for them. The reserved portion of retail investors was subscribed 80.49 times.
Presently, the company manufactures 59 different grades of microcrystalline cellulose at its manufacturing units, situated at Hyderabad and Gujarat with an aggregate installed capacity of 11,880 MTPY. With over 30 years of continuous growth, three multi-locational manufacturing facilities and consistent focus on delivering premium quality products, the company is one of the leading manufacturers of MCC (cellulose based excipients) in India.
Policybazaar and Paisabazaar parent company PB Fintech listed at a 17.35% premium on the stock exchanges.
The stock listed at Rs 1,150 on the Bombay Stock Exchange (BSE), a premium of 17.35% from the issue price of Rs 980. During its IPO, the online insurance and lending products player was subscribed 16.58 times when it opened for subscription between November 1 and 3.
The issue received bids for 57,23,84,100 shares against 3,45,12,186 shares on offer, according to National Stock Exchange (NSE) data. The category for Qualified Institutional Buyers (QIBs) was subscribed 24.89 times and that of non institutional investors 7.82 times and Retail Individual Investors (RIIs) 3.31 times. Price range for the offer was at Rs 940-980 per share.
The Rs 5,710-crore IPO had a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 1,960 crore by existing shareholders. Of the entire issue, 75% was reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.
Policybazaar is backed by investors such as Softbank, Temasek, Info Edge, Tiger Global Management and Tencent Holdings Ltd., and was founded in 2008 to tap the vast under-served Indian insurance market.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.