Shares of Sigachi Industries made a strong listing on the National Stock Exchange (NSE) and BSE at 252% premium over the issue price of ₹163 apiece. The stock is listed at Rs 575, a premium of 252.7% over its IPO price of Rs 163, according to Bloomberg data. The stock then gained further to hit an intraday high of Rs 603.75, up over 270%, on the NSE. Post listing, the market capitalization of the company stood at ₹1,856 crores, according to BSE data. The demand was very high for Sigachi Industries shares as it was locked in the 5 percent upper circuit. The chemical maker's IPO was subscribed nearly 102 times. The company was looking to raise ₹125.43 crores by selling 76.95 lakh shares through the IPO with a price band of ₹161 to ₹163 per share.
Incorporated in 1989, the company is engaged in the manufacturing of microcrystalline cellulose, the polymer that is widely used for finished dosages in the pharmaceutical industry.
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