The IPO flurry continues as Archean Chemical will release next week. check gmp

As per market observers, the premium (GMP) of Archean Chemical shares is 80 today in gray market. The shares of the company are expected to be listed on the major stock exchanges BSE and NSE on Monday, 21st November, 2022.

Archean Chemical IPO will involve issuance of new equity shares of value 805 crore and offer for sale (OFS) of 1,61,5,00 equity shares by existing promoters and shareholders, including a joint venture between India Resurgence Fund, Piramal Group and Bain Capital. IPO is expected to come at the upper end of the price band 1,462 crores.

Promoter Chemikas Specialty will sell 20 lakh shares through OFS, while investors Piramal Natural Resources and India Resurgence Fund will sell 38.35 lakh shares. India Resurgence Fund II will sell 64.78 lakh shares.

The company plans to utilize the proceeds from the fresh issue for redemption of Non-Convertible Debentures (NCDs) issued by it. “This will reduce its outstanding indebtedness, debt servicing cost, improve debt to equity ratio and enable us to utilize our internal accumulations for further investments in our business growth and expansion,” it said in its draft IPO papers. “

Archean Chemical Industries is a leading manufacturer of specialty marine chemicals in India, and is focused on the production and export of Bromine, Industrial Salt and Sulphate of Potash to customers worldwide. It produces its products from its salt reserves in the Rann of Kutch, located off the coast of Gujarat, and manufactures the products at its facility near Hajipir in Gujarat.

IIFL Securities, ICICI Securities and JM Financial are the book-running lead managers of the public issue. Link Intime India has been appointed as the Registrar of IPOs.