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Specialty marine chemicals maker Archean files IPO papers to raise Rs.2,200-Cr

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Archean Chemical Industries, a speciality marine chemical manufacturer, has filed preliminary papers with markets regulator Sebi to raise INR 2,200 crore through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares aggregating up to INR 1,000 crore and an offer for sale of up to 1.9 crore shares by the promoter and investors, including the India Resurgence Fund, a joint venture between the Piramal Group and Bain Capital. IIFL Securities, ICICI Securities and JM Financial are the book running lead managers to the IPO. The company plans to use the proceeds for the redemption of non-convertible debentures (NCDs). Archean produces and exports bromine, industrial salt, and sulphate of potash to customers around the world. It produces products from its brine reserves in the Rann of Kutch, located on the coast of Gujarat, and manufactures products at its facility near Hajipir in Gujarat.