New Delhi: Archean Chemical Industries’ initial share sale was subscribed 1.41 times on the second day of the offer on Thursday. According to data available with the National Stock Exchange (NSE), the initial public offering (IPO) received bids for 2,81,97,180 shares against 1,99,57,325 shares on offer.
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Retail individual investors (RIIs) subscribed 2.94 times, non-institutional investors 2.07 times and Qualified Institutional Buyers (QIBs) subscribed 54 percent.
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The IPO consists of a fresh issue of equity shares of up to Rs 805 crore and Offer for Sale (OFS) of up to 1.61 crore shares by promoters and investors.
The offer price range is Rs 386-407 per share. The company on Monday raised Rs 658 crore from anchor investors. The firm plans to use the proceeds of the new issue for redemption of non-convertible debentures (NCDs) issued by it. Archean focuses on the production and export of bromine, industrial salt and sulfate of potash. IIFL Securities, ICICI Securities and JM Financial are the book-running lead managers of the IPO.