Sigachi Industries IPO Review

Sigachi Industries Limited IPO

Sigachi Industries

Sigachi is a market leader in the field of Pharma Excipients, Nutra and food ingredients. It was incorporated in 1989 and has rapidly established itself as one of the largest manufactures of Microcrystalline Cellulose worldwide.

The company has ensured supply chain reliability for its customers spread across the globe from its three multi-locational facilities located in two states Telangana and Gujarat. It has established itself as a quality conscious and dependable supplier in India and across Asia, Australia, American Continent, Europe, and the Middle East, delivering newer differentiated products that address the market’s unmet needs.

The company manufactures, exports and supplies Micro Crystalline Cellulose, Filter Aid Cellulose, Hydrochloric Acid, Chlorinated Paraffin Oil etc. It manufactures high-quality cellulose-based excipients predominantly for the pharmaceutical, supplement and food industries.

Sigachi Industries Limited is one of the leading manufacturers of MCC (cellulose-based excipient) in India and one of the key players in manufacturing MCC in the world.

Sigachi sells its Cellulose-based products under the following brands.

  • HiCelTM
  • AceCel®
  • CoatCel®
  • GloCel®

The company has a dedicated team for marketing and sales focused on supplying and marketing its products in the domestic and international markets. The company’s R&D Division continuously endeavours to offer the customers innovative applications by exploring value additions to manufactured products.

The company also has certifications such as EXCiPACT, HACCP, ISO 22000:2005, ISO/TS 22002-1:2009 and ISO 9001:2015, key tools for conscious clients. The company also has Jamiat Ulama Halal Foundation and KenesethEliyahoo Synagogue certifications for MCC and co-processed excipients mandatory for certain customers.

The company’s foreign wholly-owned subsidiary, Sigachi U.S. Inc., markets and distributes its products to their international customers, specifically targeting the American market. Few customers have been with Sigachi for more than two decades, helping the company entrench itself in Australia’s Pharmaceutical and Nutraceutical market.

Qualitative factors

  • One of the leading manufacturers of MCC (Micro Crystalline Cellulose) in India with over 30 years of experience.
  • Pan India and Global market presence.
  • Well experienced and committed management team with proven project management and implementation skills.
  • A comprehensive product portfolio enables it to serve diverse end-use applications.
  • Presence across diverse industry verticals with a long-standing relationship with its customers.
  • Growth led by continuous investment and focus on R&D.
  • Quality Assurance and Quality Control of its products.
  • Strategically located manufacturing facilities.

Objects of the offer

  1. Funding capital expenditure for:
  • expansion of production capacity for microcrystalline cellulose (MCC) at Dahej, Gujarat.
  • expansion of production capacity for microcrystalline cellulose (MCC) at Jhagadia, Gujarat.
  • to manufacture Croscarmellose Sodium (CCS), a modified cellulose used as an excipient at Kurnool, Andhra Pradesh.
  1. General Corporate Purposes.

Financials of Sigachi Industries Limited

Parameter (₹ in Cr)FY21FY20FY19
Total Assets133.40109.1491.46
Total Revenue196.01143.95132.88
Revenue growth36.17%8.33% 
PAT growth48.92%6.89% 
PAT margin15%14%14%


Sigachi Industries IPO Issue Details

Issue Open01 Nov 2021- 03 Nov 2021
Issue TypeBook Built Issue IPO
Issue Size7,695,000 equity shares of ₹ 10 (aggregating up to ₹ 125.43 Cr)
Fresh Issue 
Offer for Sale 
Face Value₹ 10 per equity share
Issue Price₹ 161 to ₹ 163 per equity share
Market Lot90 shares
Min Order Quantity90 shares
Listing AtBSE, NSE
Allotment Date10 Nov 2021
Listing Date15 Nov 2021


Sigachi Industries IPO Bid Details

Sl No.

CategorySubscription Status
(No. of times)
01 Nov 2102 Nov 2103 Nov 21


Book Running Lead Manager
Unistone Capital Private Limited
Registrar to the Offer
Bigshare Services Private Limited
1st floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri (East), Mumbai- 400 059, Maharashtra, India.
Telephone: +91 22 6263 8200
Facsimile: +91 22 6263 8299
Contact person: Mr. Ashish Bhope
SEBI Registration No: INR000001385
Validity of Registration: Permanent


Registered Office: 229/1 & 90, Kalyan’s Tulsiram Chambers, Madinaguda, Hyderabad- 500 049, Telangana, India; Telephone: +91 040 4011 4874/75/76

Source: Sigachi Industries Limited RHP

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