Archean Chemical IPO To Open Next Week; Price Band Set At Rs 386-407

Archean Chemical is all set to open its shares to the public for Initial Public Offering (IPO) next week. Archean is a marine chemical manufacturing industry that manufactures liquid bromine, industrial salt, and sulphate of potash. These products are used in a wide range of industries such as agriculture, pharmaceuticals, water treatment, aluminium, glass, and textile. The company is India’s largest producer and exporter of bromine and industrial salt. It is also the only manufacturer of sulphate potash in the country.

Archean Chemical Industries sells its products to 18 customers spread across 13 countries. It also caters to 24 domestic customers. The manufacturer primarily conducts its trade on a business-to-business basis. Here are the essentials you need to know about Archean Chemical Industries’ IPO launch:

The company’s share sales will last for a period of three days, from November 9 to 11.

Archean’s objective is to raise Rs 1,462.31 crore from its public offer. That is the total worth of the shares that it will open for public subscription.

A total of Rs 657.31 crore out of the overall public offer amount are reserved for trade via the offer for sale (OFS) route.

Two of the company’s investors, Piramal Natural Resources and India Resurgence Fund will release 38.35 lakh shares into the market individually.

Promoter Chemikas Speciality will sell 20 lakh shares via OFS. The price band of the public offer has been fixed at Rs 386-407 per equity share.

Of the total share allocation, only 10 percent will be reserved for retail bidders. Another 15 percent will be earmarked for non-institutional buyers. The remaining shares (75 percent) have been fixed for qualified institutional buyers.

The lot size of the IPO has been fixed at 36 company shares. Thus, a bidder will have to buy a minimum of 36 shares and in multiples of it thereafter.

The IPO is proposed for listing at both National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

According to a Mint report, market observers have pegged the grey market premium (GMP) at Rs 70 per equity share.

Read all the Latest Business News here

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
sekabet - casinomeritroyal.com -

superbetinx.com

- adana eskort - eskort eskişehir - samsun eskort - bursa eskort - eskort mersin -

web tasarım