The initial share sale of Archean Chemical Industries will close for subscription today. The issue has been subscribed to 1.41 times till Thursday. The price range for the offer is ₹386-407 per share.
The IPO received bids for 2.82 crore against 1.995 crore shares on offer.
The retail individual investors portion was subscribed 2.94 times, non-institutional investors received 2.07 times subscriptions, and the Qualified Institutional Buyers (QIBs) portion got subscribed 54 per cent.
The IPO consists of a fresh issue of equity shares aggregating up to ₹805 crore and an Offer For Sale (OFS) of up to 1.61 crore shares by the promoter and investors.
Seventy-five per cent of the issue size has been reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Archean Chemical IPO consists of a fresh issue of equity shares aggregating up to ₹805 crore and an offer-for-sale (OFS) of up to 1.61 crore shares by the promoter and investors, including the India Resurgence Fund, a joint venture between the Piramal Group and Bain Capital. Promoter Chemikas Speciality will sell 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 divest 64.78 lakh shares.
The company plans to use the net proceeds of the fresh issue to redeem non-convertible debentures (NCDs) issued by it..
Anchor investors
The speciality marine chemical manufacturer raised ₹658 crore from anchor investors ahead of the issue on Tuesday. The company has decided to allocate 1.62 crore at the upper price band of ₹407 a share to anchor investors, including Abu Dhabi Investment Authority, Government Pension Fund Global, Societe Generale and BNP Paribas, SBI Mutual Fund, Nippon India Fund, ICICI Prudential, HDFC Mutual Fund, Goldman Sachs Fund, Ashoka India Opportunities Fund, DSP Fund, IIFL Funds, Kotak Fund Motilal Fund, Tata Mutual Fund, Theleme India Fund, Baroda BNP Paribas Fund and Edelweiss Fund.
Archean Chemical Industries is a manufacturer of speciality marine chemicals in India and is focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers worldwide. The company manufactures its products from its brine reserves in the Rann of Kutch and from the facility near Hajipir in Gujarat.
IIFL Securities, ICICI Securities and JM Financial are the book-running lead managers to the IPO