ETMarkets.comNew Delhi: The initial public offering (IPO) of Archean Chemical Industries will kick off 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 issue comprises of issuance of fresh equity shares worth Rs 805 crore and an offer for sale (OFS) of up to 1,61,50,00 equity shares by existing promoters and shareholders, which pushes the issue size to Rs 1,462.3 crore.
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.
, and are the book-running lead managers to the issue, whereas Link Intime India has been appointed as the registrar to the issue.
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 issue comprises of issuance of fresh equity shares worth Rs 805 crore and an offer for sale (OFS) of up to 1,61,50,00 equity shares by existing promoters and shareholders, which pushes the issue size to Rs 1,462.3 crore.
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.
, and are the book-running lead managers to the issue, whereas Link Intime India has been appointed as the registrar to the issue.
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