Archean Chemical Industries (ACIL) made a strong debut on Dalal Street as its shares on Monday got listed at Rs 450 apiece on NSE, a premium of 11% over its issue price of Rs 407
The speciality marine chemicals player debuted at a premium of 10% per cent at Rs 449 as against the given issue price on BSE.
Ahead of its listing, shares of Archean Chemical were trading at a premium of Rs 120-130 in the grey market, signalling a strong listing pop for investors.
The company's Rs 1,462 crore IPO was sold in the range of Rs 386-407 per share and received a solid investor response. The IPO received bids of over 32.23 times between November 9-11.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 48.91 times while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 14.9 times and 9.96 times, respectively.
Archean Chemical Industries is India's largest exporter of bromine and industrial salt in the fiscal year 2020-21. The company is the leading speciality marine chemical manufacturer in India.
It is the largest exporter of bromine in India and its manufacturing facility is located in Gujarat. They have 18 global customers in 13 countries and 24 domestic customers.