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Archean Chemical Industries lists at 11% premium over IPO price

New Delhi: Archean Chemical Industries (ACIL) made a powerful debut on Dalal Avenue as its shares on Monday acquired listed at Rs 450 apiece on NSE, a premium of 11% over its subject value of Rs 407.

The speciality marine chemical compounds participant debuted at a premium of 10% per cent at Rs 449 as towards the given subject value on BSE.

Forward of its itemizing, shares of Archean Chemical had been buying and selling at a premium of Rs 120-130 within the gray market, signalling a powerful itemizing pop for buyers.

The corporate’s Rs 1,462 crore IPO was offered within the vary of Rs 386-407 per share and obtained a strong investor response. The IPO obtained bids of over 32.23 occasions between November Sept. 11.

The quota reserved for certified institutional patrons (QIBs) was subscribed 48.91 occasions whereas the one reserved for non-institutional buyers (NIIs) and retailers was subscribed 14.9 occasions and 9.96 occasions, respectively.

Archean Chemical Industries is India’s largest exporter of bromine and industrial salt within the fiscal yr 2020-21. The corporate is the main speciality marine chemical producer in India.

It’s the largest exporter of bromine in India and its manufacturing facility is situated in Gujarat. They’ve 18 international prospects in 13 nations and 24 home prospects.

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