Archean Chemical IPO subscribed 3.9 times on day 3, issue closes today

New Delhi: The Initial public offering (IPO). Archean Chemical Industries Investors continued to flock to the site on the final day of the bidding process.

The The company sells its shares in the range Rs Between 387-407 and November 9-11 to raise Rs 1,462 crore. The lot size is 36 equity shares.

According According to BSE data the investors offered 7,76,576,000 shares of equity or 3.9 times the amount of 1,9957,325 equity share subscriptions. Friday, November 11.

The Retail bidders subscribed 5.33 times to the quota, while HNI investors received 5.48 times bids. The Provision for institutional investors was reserved 2.31 times thus far.

Archean Chemical Industries It is India’s The fiscal year 2020-21 was the largest export year for bromine and industrial salt. The company is the most prominent marine chemical manufacturer India.

The Majority of brokerage firms are still positive on the subject and have suggested subscribing. HoweverA few people caution against high-priced valuations.

An BP stated that an export-oriented company with a strong client base gives it a competitive edge over its peers. Equities.

“On the upper end of the price band, the issue is valued at a P/E of 22.3x based on FY22 consolidated earnings which we feel is fairly priced and hence we initiate a ‘subscribe’ rating on the IPO for the benefit of listing gains,” It was added.

However,

Broking The company remains neutral as it believes that high competition from foreign players, and an increase or decrease in the cost of any raw materials could have an impact on business.
They are the book-running issue lead managers. Link Intime India As the registrar of the issue, has been appointed.

(Disclaimer: RecommendationsExperts’ opinions, suggestions, and views are theirs. These These views do not reflect the views of Economic Times)

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