Archean Chemical Shares End At 12.52% Premium To IPO Price On Market Debut
Archean Chemical launched its three-day IPO on Nov. 9, which was subscribed 32.23 times.
The shares of Archean Chemical Industries Ltd. ended at a premium of 12.52% over the IPO price, while it gained 1.99% from its listing price, to end at Rs 457.95.
The specialty marine chemical manufacturer launched its three-day initial public offering on Nov. 9. It received a positive response, with the issue being subscribed 32.23 times.
The stock of Archean Chemical Industries listed at Rs 449 apiece on the BSE Ltd., a premium of 10.31% to its IPO price of Rs 407 apiece. On the National Stock Exchange of India Ltd., the stock debuted at Rs 450, a 10.56% premium.
The company manufactures products from brine reserves in the Rann of Kutch, located on the coast of Gujarat.
The products are manufactured at their facility near Hajipir in Gujarat, which is close to the captive Jakhau Jetty and Mundra Port, from which their products are exported around the world.