Archean Chemical Industries IPO subscribed 30% on day 1

Specialty marine chemical manufacturer Archean Chemical Industries' initial share sale got subscribed 30 per cent on the first day of subscription on Wednesday.

The Initial Public Offering (IPO) received bids for 59,41,260 shares against 1,99,57,325 shares on offer, according to NSE data.

The portion for Retail Individual Investors (RIIs) got subscribed 95 per cent. The category for non-institutional investors received 36 per cent subscription while Qualified Institutional Buyers (QIBs) portion was subscribed 4 per cent.

The IPO consists of a fresh issue of equity shares aggregating up to Rs 805 crore and an Offer For Sale (OFS) of up to 1.61 crore shares by the promoter and investors.

The price band has been fixed at Rs 386-407 per share.

On Monday, the company raised Rs 658 crore from anchor investors.

The firm plans to use the proceeds of the fresh issue for the redemption of Non-Convertible Debentures (NCDs) issued by it.

Archean is focused on producing and exporting bromine, industrial salt, and sulphate of potash.

IIFL Securities, ICICI Securities and JM Financial are the book-running lead managers to the IPO.

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