New Delhi. The IPO of Archean Chemical Industries Limited got good support from investors. This Rs 1462.31 crore IPO, which closed on November 11, received 32.23 times more bids. The portion reserved for QIB of this IPO was subscribed 48.91 times. The portion reserved for retail investors received 9.96 times bids. The unlisted shares of this issue are getting good response from investors as well as in the gray market.
The issue price of IPO was Rs 386-407. Archean Chemical’s IPO was advised to ‘subscribe’ by brokerage Geojit. The company had raised Rs 658 crore from anchor investors before its issue. Anchor investors were allotted 1,61,67,991 equity shares at Rs 407 per share. Goldman Sachs, Abu Dhabi Investment Authority, Seganti India Mauritius, BNP Paribas, Societe Generale, Government Pension Fund Global, DSP Small Cap Fund and some other funds have invested money in it.
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Shares are making waves in the gray market
The shares of Archean Chemical Industries Limited IPO have been trading at a premium in the gray market since the beginning. On Friday, unlisted shares of the issue are trading at a premium of Rs 112 (Archean Chemical IPO GMP) in the gray market. If seen from this perspective, the listing of IPO in the stock market can be at Rs 519. Last Friday, GMP of Archean Chemical was Rs 66. It is continuously increasing. Listing of shares of the issue can happen on BSE and NSE on 21 November 2022.
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Investors should keep in mind that if the shares of an issue are trading at a premium in the gray market, then it is not necessary that its listing be at a premium in the stock market. This is simply a price based on speculation.
Company Profile
Archean Chemical Industries produces and exports bromine, industrial salt and potash sulphate. It extracts raw material from the salt reserves of Rann of Kutch in Gujarat and manufactures products in a factory located near Hajipir in Gujarat. Equity shares worth up to Rs 805 crore were issued through Archean Chemical IPO and promoters sold up to 1.61 crore shares through Offer for Sale.
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FIRST PUBLISHED : November 18, 2022, 11:24 IST