Archean Chemical IPO Share List Today At 10% Premium Amid Falling Market

Archean Chemical Industries shares have been listed today at ₹449 while the allotment price was ₹407 per share. The IPO was subscribed 32.54 times.

On Monday, shares of speciality chemical manufacturer Archean Chemical Industries were listed at $449 per share versus a $407 issue price.

The stock’s bourse launch price was 10% above the going rate. Nevertheless, this is far less than the gray market predictions, which indicated that it would list at a 30% premium. 

Before they are registered on stock exchanges, IPO shares are sold in an unregulated market for a premium known as GMP.

The Sensex dropped 463 points, while the Nifty dropped 129 points, as the stock markets plunged in early sessions.

According to data from the BSE, the company has a market value of 5,525 crore.

In spite of the erratic market, there was substantial investor interest in the IPO, as seen by the 32.54 times subscription rate.

The qualifying institutional buyer segment had a 48.58 times high subscription rate. There was a 15.35 times increase in subscription for the amount designated for non-institutional investors. 

Demand for the retail segment was strong, with a 10.25 times subscription rate.

On the BSE mainboard, 26 initial public offerings (IPOs) debuted this year. All but seven of them produced profitable listing gains. The top 5 IPOs with the greatest listing gains for 2022 are listed below.

The business is an Indian manufacturer of specialty marine chemicals with an emphasis on manufacturing and exporting bromine, industrial salt, and sulfate of potash to clients all over the world.

Additionally, it exports them to nations including Belgium, the Netherlands, Qatar, China, Japan, and South Korea. It exported to 18 international clients in 13 different countries in FY22.

Selling to Chinese businesses accounts for the vast majority of the company’s sales. As of FY22, China accounted for 36.3% of its income, followed by India (29.58%), the rest of Asia (19.46%), Japan (6.23%), South Korea (5.62%), Africa (1.79%), and Europe (0.92%).