Archean Chemical IPO: The bidding for the Initial Public Offering (IPO) of Archean Chemical Industries Limited ended on Friday and now the bidders are eagerly awaiting the date of allotment of Archean Chemicals IPO, most likely November 16, 2022. In three days’ bidding from 9th November to 11th November 2022, Public Issue Worth 1,462.31 crore was subscribed 32.23 times while its QIB portion was subscribed 48.91 times. The public issue was subscribed 9.96 times in the retail segment. Meanwhile, after a trend reversal in Friday’s session, the stock has gained a lot in the gray market. As per market observers, Archion Chemical Industries Ltd. shares are available at a premium of 80 in the gray market today.
Archean Chemical IPO GMP Today
market observers said Archean Chemicals IPO GMP (grey market premium) is today 80, which is 14 more than its Friday’s GMP 66. Archean Chemicals IPO GMP has gained momentum following the change in sentiments on Dalal Street, he added. He further added that the strong Dalal Street sentiment has dipped into the gray market, which has led to an increase in the gray market premium of the stock. Market observers said that if the bullish trend on Dalal Street continues, we can expect a further rally in the Arcion Chemicals share price in the gray market.
What does this GMP mean?
Market Observers Said Archean Chemical IPO GMP Today 80, which means the gray market is expecting the Archean Chemical IPO listing to be around 487 ( 407+ 80), which is almost 20 per cent higher than its price band since 386 407 each. He said that the public issue has received a strong response from the investors and it is also working in favor of the public issue in the gray market.
However, stock market experts say that the gray market should be taken blindly. It is non-regulatory and completely speculative. Therefore, the chances are quite high that the GMP could be an artificial number as it also includes people who have a high stake in the public issue. He advised the bidders to scan the balance sheet of the company and trust the company’s sound fundamentals.
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