Hyderabad: Hyderabad-based Sigachi Industries, a manufacturer of cellulose-based excipients catering to the pharmaceuticals industry, has filed its IPO prospectus to raise approximately Rs 60 crores. The IPO is a fresh issuance of up to 28,41,500 equity shares of face value of Rs 10 each.
The company is engaged in the manufacturing of microcrystalline cellulose (MCC), the polymer widely used for finished dosages in the pharmaceutical industry. The polymer has varied applications in the pharmaceutical, food, nutraceuticals and the cosmetic industries.
Presently, the company manufactures 50 different grades of MCC at its manufacturing units, situated at Hyderabad and Gujarat under the brand named HiCel and AceCel.
The net proceeds of the issue are to be used for expansion of production facilities of MCC at Dahej and Jhagadia in Gujarat between FY21 and FY22 as well as general corporate purposes.
The proposed expansion will add 3,600 million tonnes per annum (MTPA) capacity to the Dahej and Jhagadia facility, augmenting its capacity to 7,890 MTPA and 5,760 MTPA respectively.
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