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Specialty marine chemicals maker Archean's IPO subscribed 32.23 times

MoneyControl  

Archean Chemical Industries' initial public offering has subscribed 32.23 times, with investors bidding for 64.31 crore shares against the offer size of 1.99 crore. Retail investors have bought 9.96 times the shares set aside for them. Non-institutional investors bid 14.90 times their quota. The portion set aside for qualified institutional investors has been subscribed 48.91 times. The specialty marine chemical manufacture and exporter of bromine and industrial salt, is looking to mop up INR 1,462.3 crore, of which INR 658 crore has been raised through the anchor book. The price band for the offer is INR 386-407 per share. Up to 75% of the offer is reserved for qualified institutional buyers, 10% for retail investors and the remaining 15% for non-institutional investors. The IPO consists of a fresh issue worth INR 805 crore and an offer for sale of shares worth INR 657.3 crore by promoter Chemikas Speciality LLP, and investors India Resurgence Fund (Scheme I and II), and Piramal Natural Resources. Archean primarily produces and exports bromine, industrial salt and sulphate of potash.