Archean Chemical Industries: Archean Chemical Industries garners Rs 658 cr from anchor traders forward of IPO

Speciality marine chemical producer Archean Chemical Industries has raised Rs 658 crore from anchor traders forward of its preliminary public providing, which is able to open on Wednesday. The preliminary share sale of the chemical producer will conclude on November 11.

The agency has allotted 1,61,67,991 fairness shares to anchor traders at Rs 407 apiece, aggregating the transaction dimension to Rs 658 crore, in line with a round uploaded on BSE’s web site on Monday.

Goldman Sachs, Abu Dhabi Funding Authority, Segantii India Mauritius,

, Societe Generale, Authorities Pension Fund World, , DSP Small Cap Fund, Tata Mutual Fund (MF), MF, Nippon India MF and Aditya Birla Sunlife Insurance coverage have invested within the firm by way of anchor ebook.

The IPO consists of a contemporary challenge of fairness shares aggregating as much as Rs 805 crore and an offer-for-sale (OFS) of as much as 1.61 crore shares by the promoter and traders, together with the India Resurgence Fund — a three way partnership between Piramal Group and Bain Capital.

Promoter Chemikas Speciality will promote 20 lakh shares by way of OFS, whereas traders Piramal Pure Sources and India Resurgence Fund will promote 38.35 lakh shares every. India Resurgence Fund II will divest 64.78 lakh shares.

As per the corporate, 75 per cent of the difficulty dimension has been reserved for certified institutional traders, 15 per cent for non-institutional traders and the remaining 10 per cent for retail traders.

The corporate has mounted a value band of Rs 386-407 per share. On the higher finish of the value band, the IPO is predicted to fetch Rs 1,462.3 crore.

The agency plans to make use of the proceeds of the contemporary challenge for the redemption of non-convertible debentures (NCDs) issued by it.

Buyers can bid for no less than 36 shares and in multiples thereof.

Archean is targeted on producing and exporting bromine, industrial salt, and sulphate of potash to prospects around the globe. It produces merchandise from its brine reserves within the Rann of Kutch, situated on the coast of Gujarat, and manufactures merchandise at its facility close to Hajipir in Gujarat.

, and are the book-running lead managers to the IPO.