Archean Chemical Industries IPO subscribed 32.23 times on Day 3 of offer

The initial public offering of Archean Chemical Industries was subscribed 32.23 times by the close of the subscription period on Friday.

The Initial Public Offering (IPO) received bids for 64,31,70,528 shares against 1,99,57,325 shares on offer, according to data available with the National Stock Exchange (NSE).

The quota meant for Qualified Institutional Buyers (QIBs) received 48.91 times subscription, while the non-institutional investors category was subscribed 14.90 times and Retail Individual Investors (RIIs) was subscribed 9.96 times.

The IPO consists of a fresh issue of equity shares aggregating up to Rs 805 crore and an Offer For Sale (OFS) of up to 1.61 crore shares by the promoter and investors.

The price range for the offer is Rs 386-407 per share.

On Monday, the company raised Rs 658 crore from anchor investors.

The firm plans to use the proceeds of the fresh issue for the redemption of Non-Convertible Debentures (NCDs) issued by it.

Archean is focused on producing and exporting bromine, industrial salt, and sulphate of potash.

IIFL Securities, ICICI Securities and JM Financial are the book-running lead managers to the IPO.