The initial public offering (IPO) of specialty chemical maker Archean Chemical Industries Ltd. will open for public subscription this week on Wednesday, November 9, 2022, and the three-day offering will end on Friday, November 11, 2022.
Bidding for anchor investors will open on Monday, November 7. The company has fixed the price band of from 386 407 per share for its initial share sale.
As per market observers, the premium (GMP) of Archean Chemical shares is Today in Gray Market 75. The Company’s shares are expected to be listed on the major stock exchanges BSE and NSE on Monday, November 21, 2022.
Archean Chemical IPO will involve issuance of new equity shares of value 805 crore and offer for sale (OFS) of 1,61,5,00 equity shares by existing promoters and shareholders, including a joint venture between India Resurgence Fund, Piramal Group and Bain Capital. IPO is expected to come at the upper end of the price band 1,462 crores. The company plans to utilize the proceeds from the fresh issue for redemption of Non-Convertible Debentures (NCDs) issued by it.
Archean Chemical Industries is a leading manufacturer of specialty marine chemicals in India, and is focused on the production and export of Bromine, Industrial Salt and Sulphate of Potash to customers worldwide. It produces its products from its salt reserves in the Rann of Kutch, located off the coast of Gujarat, and manufactures the products at its facility near Hajipir in Gujarat.
Bromine produced by Archean is used as a major starting-level material, with applications in the pharma, agrochemicals, water treatment, flame retardants, additives, oil and gas, and energy storage sectors. Meanwhile, industrial salt is an important raw material used for the production of various other chemicals and compounds in the chemical industry and sulfate of potash is used as a fertilizer and also has medical uses.
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