- Price Band fixed at ₹386 to ₹407 per Equity Share of face value of ₹2 each of Archean Chemical Industries Limited;
- Offer will Open on Wednesday, November 09, 2022 and close on Friday, November 11, 2022;
- Bids can be made for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter
- The company plans to raise Rs 1,462.3 crore through the public issue that comprises a fresh issue of Rs 805 crore shares and an offer-for-sale of 1.61 crore equity shares by promoters and investors.
NE BUSINESS BUREAU
AHMEDABAD, NOV 3
The initial public offering (IPO) of Archean Chemical Industries will commence for subscription on Wednesday, November 9. The company has fixed the price band of Rs 386-407 apiece.
Archean Chemical is the leading speciality marine chemical manufacturer in India and is focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers worldwide.
The company plans to raise Rs 1,462.3 crore through the public issue that comprises a fresh issue of Rs 805 crore shares and an offer-for-sale of 1.61 crore equity shares by promoters and investors.
Promoter Chemikas Speciality will offload 20 lakh shares via OFS, while investors Piramal Natural Resources and India Resurgence Fund will sell 38.35 lakh shares each. India Resurgence Fund II will offload 64.78 lakh shares.
Investors can make a bid of a minimum of 36 equity shares and in multiples thereof. The issue will close for subscription on Friday, November 11, whereas the anchor book will open on Monday, November 7.
The fresh issue proceeds will be utilised for the redemption of non-convertible debentures, and general corporate purposes, the company said in its red herring prospectus.
Archean Chemical Industries markets products to 18 global customers in 13 countries and to 24 domestic customers. The company was the largest exporter of industrial salt in India with exports of 2.7 million MT in FY 2020-21.
The company is the only manufacturer of sulphate potash in India. Its marine chemicals business is predominantly conducted on a business-to-business basis both in India and internationally.
75% of the allocation has been fixed for qualified institutional buyers, whereas non-institutional buyers will get 15% of shares. The remaining 10% of shares have been allocated to retail bidders.
IIFL Securities Limited, ICICI Securities Limited, and JM Financial Limited are the Book Running Lead Managers to the Offer.
