The initial public offering (IPO) of Archean Chemical Industries will open for public subscription on November 9 and remain open for bids till November 11. The chemical company aims to raise Rs 1,462.31 crore from the IPO. The company has fixed a price band of Rs 386 to Rs 407 per share for the IPO. Subscribers can make bids for a minimum of 36 shares and in multiples of 36 shares thereafter.

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A marine chemical manufacturer, Archean Chemical produces and exports bromine, industrial salt, and sulphate of potash across the globe. In FY 2020-21, the company was the largest exporter of industrial salt in the country with exports of 2.7 million MT.

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The public issue will comprise the issuance of fresh equity shares worth Rs 805 crore and an offer for sale (OFS) in which existing promoters and shareholders will offload up to 1,61,50,00 equity shares. Promoter India Resurgence Fund II will offload 64.78 lakh shares through the OFS route, while Chemikas Speciality will offload 20 lakh shares. Investors India Resurgence Fund and Piramal Natural Resources are set to sell 38.35 lakh shares each in the IPO.

Shares are likely to be allotted on November 16. The public issue is expected to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 21.

Link Intime India Private Ltd is the official registrar for the Archean Chemical public offer. IIFL Securities, ICICI Securities and JM Financial are managing the issue.

Ahead of Archean Chemical IPO, shares of the company were trading at a premium of Rs 70 in the grey market, Mint reported on November 4.

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First Published:Nov 7, 2022 7:15 AM IST