Archean Chemical Industries IPO Subscribed 30% On Day 1

The IPO was subscribed 0.19 times as of 4:03 p.m. on Nov. 9.

<div class="paragraphs"><p>Chemical solutions kept in flasks inside a R&amp;D lab. (Source: Freepik)</p></div>
Chemical solutions kept in flasks inside a R&D lab. (Source: Freepik)

Archean Chemical Industries Ltd. launched its maiden public offering on Wednesday to raise as much as Rs 1,462 crore.

The specialty marine chemical manufacturer will offer fresh shares worth Rs 805 crore and an offer for the sale of shares worth Rs 657 crore.

The Chennai-based company, with its plant in Gujarat, is seeking a market value of Rs 5,008 crore at the upper end of the price band of Rs 386-407 apiece.

The company has set aside 10% of the net offer for individual investors, 75% for qualified institutional buyers, and 15% for non-institutional buyers.

Issue Details

  • Issue opens: Nov. 9.

  • Issue closes Nov. 11.

  • Issue size: Rs 1,462 crore.

  • Face value: Rs 2 apiece.

  • Lot size: 36 equity shares and multiples.

  • Listing: BSE and NSE.

  • Lead managers: IIFL Securities, ICICI Securities, and JM Financial.

Subscription Status: Day 1

The IPO was subscribed 0.30 times, or 30%, as of 5:00 p.m. on Nov. 9.

  • Institutional investors: 0.04 times, or 4%

  • Non-institutional investors: 0.36 times, or 36%

  • Retail investors: 0.95 times, or 95%

Top Research Reports On Archean Chemical Industries