Sigachi Industries IPO Subscribed 101.90 Times On Last Day

Chemical maker Sigachi Industries' initial public offer (IPO) was subscribed 101.90 times on Wednesday, which was the last day of bidding.

Investors bid for 54.88 crore equity shares against the IPO size of 53.86 lakh equity shares, as retail investors bought  80.47 times the shares set aside for them.

The non-institutional investors' (NIIs) portion had been subscribed 172.43 times while qualified institutional buyers (QIBs) had bid 86.1 times of their lot.

Sigachi Industries aims to raise Rs 125.43 crore at the upper price band by issuing 76.9 lakh shares.

The price band for the issue, which closed on Wednesday (November 3), had been fixed at Rs 161-163 a share.

The lot size stood at 90 shares. A retail investor, who can invest up to Rs 2 lakh, could apply for up to a maximum of 13 lots (1,170 shares or Rs 1,90,710).

The company manufactures microcrystalline cellulose (MCC), a polymer widely used for finished dosages in the pharmaceutical industry.