The allotment of shares for the initial public offer (IPO) of speciality marine chemical manufacturer Archean Chemical will be carried out on November 16 (Wednesday).
On the third and last day of the issue on November 11, the share sale received bids for 64.31 crore shares against an IPO size of 1.99 crore shares. The qualified institutional buyers’ category was booked nearly 50 times, the portion set aside for non-institutional investors was subscribed 15 times, and the quota for retail investors was subscribed 10 times of the allotted portion. The IPO opened on November 11. Ahead of the share sale, the firm raised Rs 658 crore from 42 anchor investors at the upper price band of Rs 407 per equity share.
The firm allocated 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 Fund, Tata Mutual Fund, Theleme India Fund, Baroda BNP Paribas Fund and Edelweiss Fund.
Nomura, Kuber India Fund, BNP Paribas Arbitrage, Aditya Birla Sun Life Insurance Company, ICICI Prudential Mutual Fund (MF), Tata MF, Edelweiss MF and IDFC MF were also among the anchor investors, it added.
The IPO had a price band of Rs 386 to Rs 407 per share. At the upper end of the price band, the company raised Rs 1,462.3 crore from the IPO. The grey market premium (GMP) of the stock stood at Rs 100 today, implying that the grey market expects the firm to list at around Rs 507 (Rs 407 + Rs 100). The shares are likely to be listed on BSE and NSE on November 21, 2022.
The lot size of Archean Chemical IPO was 36 shares for which one would have to spend Rs 14,652. The IPO consisted 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, including the India Resurgence Fund, a joint venture between the Piramal Group and Bain Capital.
The net proceeds of the IPO will be utilised toward funding the redemption or earlier redemption, in part or full of NCDs issued by the company and for general corporate purposes. IIFL Securities, ICICI Securities, JM Financial Limited were the lead managers of the issue. Link Intime India Private Ltd was the registrar to the IPO.
Here’s how you can check the status of allotment of shares.
Stock exchange website
Step 1: Visit the official BSE website.
Step 2: On the BSE homepage, click on ‘Equity’. A dropdown menu will appear. Select ‘Archean Chemical’.
Step 3: Enter your application and PAN number.
Step 4: After entering the details, click on ‘Search’.
After clicking on the ‘Search’ button, details of the number of shares subscribed and the number of shares allotted to you will be displayed.
Registrar website
Visit the registrar’s website Link Intime India to check your application status. Choose ‘Select company’ and click on ‘ Archean Chemical’.
Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID. Enter the captcha and click ‘submit’.
Once you press ‘submit’, the status of application will appear on the screen.
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