Archean Chemical shares rise 17% intraday on market debut

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Shares of Arcion Chemical Industries today closed 12.52% higher than its IPO issue price on the day of its listing. The stock closed at Rs 457.95 against the IPO price of Rs 407 on BSE. The price band of the IPO was Rs 386 to Rs 407. The market cap of the firm stood at Rs 5635.21 crore. A total of 11.19 lakh shares of the firm changed hands on BSE for a turnover of Rs 51.22 crore.

Shares of the specialty marine chemical maker rose 17% intraday to Rs 476.05. Earlier, the stock was listed at Rs 449 on BSE, which is 10.32 per cent higher than the IPO price. The stock was listed at Rs 450 on NSE. Later, it closed at Rs 458 on the NSE, up 12.53% over the IPO price. The market cap of Archean Chemical stood at Rs 5,635.82 crore. A total of 2.21 crore shares of the firm changed hands on NSE for a turnover of Rs 1013.81 crore.

Earlier, the stock of Arcion Chemical Industries today listed at Rs 450 on NSE at a premium of 10.57 per cent to its IPO issue price. The GMP of the IPO was Rs 120 on November 21, but gains were limited due to weak domestic and global markets. According to GMP, the stock will list at around Rs 527 (IPO price Rs 407 plus GMP Rs 120) or 30 per cent higher than the IPO issue price.

The company raised Rs 805 crore from the IPO. The initial public offering (IPO) of Archean Chemical Industries was subscribed 32.23 times on the last day on November 11, 2022. As per the data available, the issue received bids for 64,31,70,528 shares against 1,99,57,325 shares. with National Stock Exchange (NSE). The IPO opened on 9 November.

The lot size of Arcion Chemical IPO was 36 shares for which Rs 14,652 would have to be spent. A retail individual investor can submit bids for 13 lots or 468 shares by spending Rs 1,90,476. The allotment of shares was done on 16 November.

The company raised Rs 658 crore from 42 anchor investors at an upper price band of Rs 407 per equity share a day before the IPO. The specialized marine chemical maker allotted 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 Did it Fund, Tata Mutual Fund, Thelemy India Fund, Baroda BNP Paribas Fund and Edelweiss Fund.

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