Archean Chemical IPO’s share allotment this week; GMP steady

Market


The initial public offering (IPO) of Archean Chemical Industries was subscribed 32.23 times by the close of the subscription period on Friday, November 11, 2022. The public issue received bids for 64,31,70,528 shares against 1,99,57,325 shares on offer, according to data available with the National Stock Exchange (NSE).

Archean Chemical IPO consisted of a fresh issue of equity shares aggregating up to 805 crore and an Offer For Sale (OFS) of up to 1.61 crore shares by the promoter and investors. The price range for the offer was 386-407 per share. 

As per market observers, Archean Chemical shares are commanding a premium (GMP) of 80 in the grey market today. The shares of the company are expected to list on the leading stock exchanges BSE and NSE on Monday, November 21, 2022.

The finalization of basis of share allotment of the initial share sale is expected to take place tomorrow i.e., Wednesday, November 16, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Friday, November 18, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.

The company raised 658 crore from anchor investors ahead of its issue. The firm allocated 1,61,67,991 equity shares to anchor investors at 407 apiece.

Goldman Sachs, Abu Dhabi Investment Authority, Segantii India Mauritius, BNP Paribas, Societe Generale, Government Pension Fund Global, ICICI Prudential, DSP Small Cap Fund, Tata Mutual Fund (MF), SBI MF, Nippon India MF and Aditya Birla Sunlife Insurance have invested in the company via anchor book.

Archean Chemical Industries Ltd is focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. It produces products from its brine reserves in the Rann of Kutch, located on the coast of Gujarat, and manufactures products at its facility near Hajipir in Gujarat. The firm plans to use the proceeds of the fresh issue for the redemption of Non-Convertible Debentures (NCDs) issued by it.

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