Public Market

IPO

Archean Chemical raises Rs.658-Cr from anchor investors

Economic Times  

Archean Chemical Industries, whose IPO is set to open on Nov 9, has raised INR 658 crore from 42 anchor investors at the upper price band of INR 407 per equity share. The speciality marine chemical manufacturer has 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. Foreign anchor investors include Abu Dhabi Investment Authority, Government Pension Fund Global, Societe Generale and BNP Paribas. Out of the total allocation of 1,61,67,991 equity shares to anchor investors, 98,28,072 shares (i.e. 61% of the total allocation to anchor investors) were allocated to 10 domestic mutual funds through a total of 21 schemes. The company has fixed a price band of INR 386-407 per share. At the upper end of the price band, the IPO is expected to fetch INR 1,462.3 crore. The IPO would be open for public subscription till November 11.

From the Venture Intelligence PE-VC Deal Database: PE investors in the Archean Group include KKR and India Resurgence Fund, which have invested over USD 150 million. (Subscribers to the database can login to view the detailed financials.)