Sigachi Industries, PB Fintech, which operates online insurance platform Policybazaar and credit comparison platform Paisabazaar and SJS Enterprises made their debut on the bourses on Monday.

The IPOs (initial public offerings) of the companies closed on November 3. All eyes were on Sigachi Industries which stole the show. Among the current IPOs, it was Sigachi Industries that had hogged the limelight.

The Microcrystalline Cellulose (MCC) manufacturer made a stellar debut on the bourses on Monday, listing at a whopping 252.76 per cent premium over its issue price of ₹163. The stock listed at ₹575 on the BSE, up ₹412.00 or 252.76 per cent over its issue price. The stock got listed at ₹570 on the NSE.

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Sigachi Industries had planned to mop up around ₹125.43 crore at the upper end of the price band of ₹161-163 a share. The issue was subscribed around 102 times. As against 53.86 lakh shares on offer, the issue received bids for 54.89 crore shares, making the total subscription to 101.91 times.

While QIB portion got 86.51 times, the window reserved for NIIs and retail investors received bids 172.43 times and 80.49 times. Ahead of the issue, it had raised ₹38 crore from two anchor investors – 3 Sigma Global Fund and Nexus Global Opportunities Fund.

Parth Nyati, Founder, Tradingo said, “Sigachi Industries saw a bumper listing with a gain of approximately 250 per cent on the back of robust fundamentals and attractive valuations. The company is the leading manufacturers of MCC (cellulose-based excipient) in India with diversified industry verticals.”

“IPO was valued at 16x FY21 with no listed peer. Over the long run, if the demand is sustained for MCC and the expansion program of the company post the IPO will provide earnings growth momentum,” added Tyagi.

Rahul Sharma, Co-Founder, Equity99, said, “Sigachi Industries manufacturer of Microcrystalline Cellulose (MCC) got listed today at premium of over 250 per cent, highest in recent times. Long-term investors are advised to remain invested considering the niche product offering of the company.” The company’s capital is almost 3 times in 10 to 15 days, added Sharma.

Policybazaar

PB Fintech made a strong debut on the bourses listing at a 17 per cent premium over its issue price of ₹980. The stock listed at ₹1,150 on the BSE, a ₹170 or 17.35 per cent premium over the issue price. On the NSE as well, it got listed at ₹1,150. The ₹5,710 crore IPO of PB Fintech, owners of Policy Bazaar and Paisa Bazaar, was subscribed 16.59 times on the final day.

While the retail investors portion received bids 3.31 times, the qualified institutional buyers (QIB) window saw bids 24.89 times and non-institutional investors’ (widely known as high net worth individuals or HNIS) got 7.82 times.

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The offer comprised a fresh issue of ₹3,750 crore worth of equity shares and an offer for sale of about ₹1,960 crore by existing shareholders. Ahead of the IPO, PB Fintech had garnered about ₹2,569 crore from anchor investors by allocating about 2.62 crore shares to 155 anchor investors at ₹980 apiece.

Aayush Agrawal, Sr. Research Analyst – Merchant Banking, Swastika Investmart Ltd, said, “PB Fintech got listed with a gain of 17 per cent which was approximately in line with our expectations. The company is a leading fintech firm that aims to enhance its visibility and awareness along with increasing its customer base which is expected to be beneficial for the company.”

SJS Enterprises

SJS Enterprises, which had come out with ₹800 crore issue, made a tepid debut on the bourses listing at a 0.37 per cent discount over its issue price of ₹542. The stock listed at ₹540 on the BSE, down ₹2 or 0.37 per cent from its issue price. On the NSE, it is listed at ₹542.

The issue was subscribed 1.59 times. The IPO from decorative aesthetics company received bids of 1.68 crore shares against the offered 1.05 crore, according to data available on the bourses.

The portion set aside for non-institutional investors has been subscribed 2.32 times while QIB had put in bids for 1.42 times and retail investors 1.38 times. The initial public offering was entirely an offer for the sale of shares worth ₹710 crore by Evergraph Holdings Pte Ltd and shares to the tune of ₹90 crore by KA Joseph.

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