Archean Chemical IPO: Listing date fixed on Monday, GMP indicate strong debut

Archean Chemical IPO: Listing date fixed on Monday, GMP indicate strong debut

According to the BSE website, from Monday the equity shares of Archean Chemical Industries Ltd will be listed and admitted to dealing on the Exchange.

FPJ Web DeskUpdated: Sunday, November 20, 2022, 09:03 PM IST
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Archean Chemical IPO: Listing date fixed on Monday, GMP indicate strong debut | Representative pic/ File

The share listing date for the initial public offering (IPO) of the specialty marine chemical manufacturer Archean Chemical Limited has been fixed on November 21, 2022, i.e. tomorrow. According to the BSE website, from Monday, the equity shares of Archean Chemical Industries Ltd will be listed and admitted to dealing on the Exchange. The equity shares will be listed in the list of 'B' group of securities.

IPO

The IPO was subscribed 32.23 times on November 11, which was the final day of the issue. The company received bids for 64.31 crore shares against an IPO size of 1.99 crore shares. The price band for the shares is set between Rs 386 and Rs 407, and the company is expecting to raise Rs 1,463 crore from the initial share sale.

Ahead of the IPO, the company raised Rs 658 crore from 42 anchor investors at the higher price band of Rs 407 per equity share.

Grey Market Premium

Ahead of the listing date, Archean Chemical's IPO Grey Market Premium (GMP) has gone up despite a weak closing on Friday. According to experts, the shares of the company were expected to be available at a premium of Rs 120 in the grey market on Saturday. This is Rs 20 higher than its Thursday GMP of Rs 100. This rise in the Archean Chemical IPO GMP, according to the experts, signals that the grey market is bullish despite the stock market sentiments not being encouraging. This increase in GMP for the IPO also means that there will be a strong debut of shares.

According to market observers, Archean Chemical IPO GMP on Saturday was at Rs 120, which means that the grey market is expecting the listing to take place at Rs 527 (Rs 407 + Rs 120). This is about 30 per cent higher than the set price band.

Archean Chemical Industries Limited

Archean Chemical Industries Limited, located at Hajipir, Gujarat, on the northern edge of the Rann of Kutch brine fields, has an integrated production facility for bromine, sulphate of potash operations, and industrial salt.

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