New shares worth Rs 805 crore will be issued in the IPO of Archion Chemicals.
Archean Chemicals produces bromine, industrial salt and sulfate.
Investors can invest in the company’s IPO till November 11.
New Delhi. Investors are going to get another opportunity to earn in the stock market next week. In fact, specialty marine chemical manufacturer Archean Chemical Industries is going to bring its initial public offering ie IPO. The company gave this information on Thursday.
The company has fixed a price band of Rs 386-407 per share for its Rs 1,462 crore IPO. The company said that the initial share sale will open on November 9 and close on November 11. Anchor investors will be able to bid for the shares on November 7.
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New shares worth Rs 805 crore will be issued
New shares worth Rs 805 crore will be issued in the IPO. At the same time, promoters and investors of the company including India Resurgence Fund will bring an offer for sale of 1.61 crore shares.
IPO expected to raise Rs 1,462.3 cr
The IPO is expected to raise Rs 1,462.3 crore. The company said that 75 percent of the issue has been kept reserved for eligible institutional investors, 15 percent for non-institutional investors and the remaining 10 percent for retail investors.
Know about the company
Archean produces bromine, industrial salts and sulfates and also exports them to customers around the world. It produces and manufactures its products in Gujarat. The company produces products from its salt reserves in the Rann of Kutch on the Gujarat coast and manufactures at its facility near Hajipir in Gujarat.
SME sector IPO boom
Significantly, the interest of investors in the small and medium enterprises (SME) sector IPO is increasing. In the first 9 months of this year, 87 different SMEs have raised Rs 1,460 crore through IPOs. The strong performance of these IPOs has also raised investor interest. Statistics from the SME industry show that this amount is much higher than the IPOs of 56 companies that raised Rs 783 crore through share sales in 2021.
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Tags: business news in hindi, IPO
FIRST PUBLISHED : November 03, 2022, 16:04 IST