Archean Chemical Industries gets subscribed 10 pc on first day of IPO

Mumbai (Maharashtra) [India], November 9 (ANI): The initial public offering of Archean Chemical Industries opened for subscription on Wednesday. It was subscribed about 10 per cent by afternoon on the first day of subscription.
The speciality marine chemical manufacturer received total bids for 17,43,084 shares across both the stock exchanges against 1,99,57,325 shares on offer, data from National Stock Exchange (NSE) showed. The company said its Rs 1,462.3-crore IPO will be available for subscription till Friday and the price band of the company has been fixed at Rs 386-407 per share.
Three-fourth of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
The company had said that net proceeds from the fresh issue will be used for redemption of non-convertible debentures (NCDs) issued by it and for general corporate purposes, as per the information provided in the red herring prospectus (RHP).
Archean Chemical Industries is speciality marine chemical manufacturer which is focused on producing and exporting bromine, industrial salt, and sulphate of potash. The company produces its 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. (ANI)