Sigachi Industries Ltd IPO - Subscription Day 3

5paisa Research Team 5paisa Research Team 13th December 2022 - 04:32 pm

The Rs.125.43 crore IPO of Sigachi Industries Ltd, consisting entirely of a fresh issue of Rs.125.43 crore, saw a strong response on Day-1 and built on that base on Day-2.

As per the combined bid details put out by the BSE at the close of Day-3, Sigachi Industries Ltd IPO was subscribed 101.91X overall, with bulk of the demand coming from the HNI segment followed by the QIB and retail segments. All the 3 segments got heavily oversubscribed by the close of Day-3 of the IPO. The issue has closed on 03rd November.

As of close of 03rd November, out of the 53.865 lakh shares on offer in the IPO, Sigachi Industries Ltd saw bids for 5,489.474 lakh shares. This implies an overall subscription of 101.91X. The granular break-up of subscriptions were tilted in favour of HNI investors with QIB and retail also participating very aggressively. QIB bids and NII bids typically come in only on the last day of the IPO.

Sigachi Industries Ltd IPO Subscription Day-3

Category	Subscription Status
Qualified Institutional Buyers (QIB)	86.51 Times
Non Institutional Investors (NII)	172.43 Times
Retail Individuals	80.49 Times
Employees	N.A.
Overall	101.91 times

QIB Portion

The QIB portion of the IPO saw 86.51X subscription at the close of Day-3. On 29 October, Sigachi Industries Ltd did an anchor placement of 23,08,500 lakh shares at the upper end of the price band of Rs.163 to 2 anchor investors raising Rs.37.63 crore. The 2 QIB investors that invested in the anchor placement of Sigachi Industries include 3 Sigma Global Fund and Nexus Global Opportunities Fund.

The QIB portion (net of anchor allocation as explained above) has a quota of 15.39 lakh shares of which it has got bids for 1,331.37 lakh shares as of close of Day-3 of the IPO. QIB bids typically get bunched on the last day and we saw that in this issue.

HNI / NII Portion

The HNI portion got subscribed 172.43X (getting applications for 1,990.32 lakh shares against the quota of 11.54 lakh shares). This is a very strong response as of the close of Day-3. In fact, bulk of the funded applications and corporate applications, came in on the last day of the IPO, which closed on 03-November.

Retail Individuals

The retail portion was subscribed a robust 80.49X at the close of Day-3, showing strong retail appetite. Retail allocation for this IPO is 35% of the offer size. For retail investors; out of the 26.93 lakh shares on offer, valid bids were received for 2,167.79 lakh shares, which included bids for 1,661.40 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.161 – Rs.163) and has closed for subscription on 03rd November 2021.

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