Specialty chemical company Archean Chemical Industries on November 3 fixed a price band of Rs 386-407 per share for its forthcoming initial public offering.
The offer is going to be opened for subscription on November 9 and the closing date will be November 11. Anchor book will be launched for a day on November 7.
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.
Chemikas Speciality LLP, the promoter of the company, is going to sell 20 lakh shares through the OFS, and the balance 1.41 crore shares will be offloaded by investors Piramal Natural Resources, and India Resurgence Fund Scheme I and Scheme II.
Promoters Chemikas Speciality LLP, Ravi Pendurthi and his brother Ranjit Pendurthi held 65.58 percent shareholding in the company.
Archean Chemical will utilise its fresh issue funds for redemption non-convertible debentures, and general corporate purposes.
Investors can bid for a minimum of 36 shares and in multiples of 36 shares thereafter. Retail investors can make a minimum investment of Rs 14,652 per lot and the maximum investment would be Rs 1,90,476 per 13 lots.
Up to 75 percent of the offer size is reserved for qualified institutional investors, 15 percent for non-institutional investors and tha balance 10 percent for retail investors.
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Archean Chemical Industries is primarily focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world.
The company will finalise the IPO share allotment by November 16 and its shares will be listed on bourses on November 21.
IIFL Securities, ICICI Securities, and JM Financial are the merchant bankers for the issue.
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Archean Chemical would be the second public issue getting launched next week, after Five Star Business Finance. Both will have same opening and closing dates.