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Archean Chemical Industries IPO subscribed 32 times on final day of bidding

Archean Chemical Industries IPO subscribed 32 times on final day of bidding

Archean Chemical Industries IPO subscribed 32 times on final day of bidding
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By Hormaz Fatakia  Nov 11, 2022 6:37:50 PM IST (Published)

Archean Chemicals received for 64.31 crore shares, compared to the 1.99 crore shares that the company offered.

The Rs 1,462 crore initial public offering (IPO) of Archean Chemical Industries concluded on Friday with the issue being subscribed 32.3 times. Bids were received for 64.31 crore shares, compared to the 1.99 crore shares that the company offered.

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Subscription figures were led by the Qualified Institutional Bidders, whose portion was subscribed nearly 50 times. The portion for non-institutional investors (NIIs) saw 15 times subscription while the retail portion was subscribed 10 times.
Out of the total issue, up to 10 percent of shares were reserved for retail investors, up to 15 percent for non-institutional investors and at least 75 percent for qualified institutional buyers.
The company had fixed a price band of Rs 386 to Rs 407 per share for the IPO. Subscribers can make bids for a minimum of 36 shares and in multiples of 36 shares thereafter.
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 allotment of shares is likely to take place on November 16 with a potential listing of November 21.
On the final day of the IPO, shares of the company were trading at a premium of Rs 66 in the grey market, Mint reported earlier today.
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