Shares of Archean Chemical Industries closed 12.52% higher to their IPO issue price on their listing day today. The stock closed at Rs 457.95 against the IPO price of Rs 407 on BSE. The price band of the IPO was Rs 386 to Rs 407. Market cap of the firm stood at Rs 5635.21 crore. Total 11.19 lakh shares of the firm changed hands amounting to a turnover of Rs 51.22 crore on BSE.
The shares of speciality marine chemical manufacturer rose 17% intraday to Rs 476.05. Earlier, the stock listed at Rs 449 on BSE, 10.32 per cent higher to the IPO price. The stock listed at Rs 450 on NSE. Later, it closed 12.53% higher to the IPO price at Rs 458 on the NSE. Market cap of Archean Chemical stood at Rs 5,635.82 crore. Total 2.21 crore shares of the firm changed hands amounting to a turnover of Rs 1013.81 crore on NSE.
Earlier, Archean Chemical Industries stock listed at a premium of 10.57 per cent at Rs 450 on NSE today against the IPO issue price. The GMP of the IPO stood at Rs 120 on November 21 but gains were limited due to weak domestic and global markets. Going by the GMP, the stock would have listed around Rs 527 (IPO price Rs 407 plus GMP Rs 120) or 30 percent higher to the IPO issue price.
The company raised Rs 805 crore from the IPO. The initial public offering (IPO) of Archean Chemical Industries was subscribed 32.23 times on the final day on November 11, 2022. The issue received bids for 64,31,70,528 shares against 1,99,57,325 shares on offer, according to data available with the National Stock Exchange (NSE). The IPO opened on November 9.
The lot size of Archean Chemical IPO was 36 shares for which one would have to spend Rs 14,652. A retail individual investor could submit bids for up to 13 lots or 468 shares by spending Rs 1,90,476. The allotment of shares was done on November 16.
The firm raised Rs 658 crore from 42 anchor investors at the upper price band of Rs 407 per equity share a day ahead of the IPO. The speciality marine chemical manufacturer allocated 1,61,67,991 equity shares to anchor investors including 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.
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