New Delhi: The initial share sale of Archean Chemical Industries was subscribed 1.41 times on the second day of offer on Thursday. The Initial Public Offering (IPO) received bids for 2,81,97,180 shares against 1,99,57,325 shares on offer, according to data available with the National Stock Exchange (NSE).
The portion for Retail Individual Investors (RIIs) was subscribed 2.94 times, non-institutional investors received 2.07 times subscription and Qualified Institutional Buyers (QIBs) portion got subscribed 54 per cent.
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 at 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.