Sigachi Industries files draft papers with Sebi for IPO

NEW DELHI, Sept 29: Hyderabad-based Sigachi Industries has filed draft offer documents with markets regulator Sebi for its
Initial public offer to raise about Rs 60 crore.
The IPO is a fresh issuance of up to 28,41,500 shares of face value of Rs 10 each, according to the draft red herring prospectus(DRHP) filed.
The offer is expected to raise about Rs 60 crore, according to market sources.
The company is engaged in manufacturing of microcrystalline cellulose (MCC) which is widely used as an excipient for finished dosages in pharmaceutical industry.
The net proceeds of the issue are proposed to be used for expansion of production facilities for MCC at Dahej and Jhagadia in Gujarat as well as general corporate purposes, as per the DRHP.
Saffron Capital Advisors is the manager to the issue. Shares of the company are proposed to be listed on BSE and NSE. (PTI)