Marine chemical manufacturer Archean Chemical Industries made a strong debut on stock exchanges BSE and NSE on Monday, listing at a premium over issue price to the upper end of the IPO price range. On BSE, Archean Chemical listed at Rs 449 apiece against the issue price of Rs 386-407. The stock started its trading journey at Rs 450 apiece on NSE — a 10.6 percent premium to the issue price.
Archean Chemical's IPO, to raise up to Rs 1,462.3 crore, started on November 9 and concluded on November 11 with a subscription of 32.3 times. Out of the total shares on offer, 15 percent for non-institutional investors, 75 percent were reserved for QIBs and 10 percent for retail investors.
According to provisional exchange data, Archean Chemical received bids for 64.3 crore shares against the 1.99 crore shares on offer during the subscription period.
A marine chemical manufacturer, Archean Chemical produces and exports bromine, industrial salt, and sulphate of potash across the globe. In FY 2020-21, the company was the largest exporter of industrial salt in the country with exports of 2.7 million MT.
The company will be looking to raise Rs 1,462.31 crore from the IPO, which consists of the issuance of fresh shares worth Rs 805 crore along with an offer for sale (OFS) where existing promoters and shareholders will be selling around 1,61,50,000 equity shares. Existing shareholders and promoters India Resurgence Fund II, Chemikas Speciality, India Resurgence Fund and Piramal Natural Resources will be offloading their stakes in Archean Chemicals.
First Published: Nov 21, 2022 10:00 AM IST
