The three-day bidding for the Initial Public Offering (IPO) of Archean Chemical, from November 9 to 11, recorded a strong response from investors. The support from investors, as well as the sentiment on Dalal Street, has led to the grey market price (GMP) of Archean Chemicals stocks rising quickly. According to market observers, the grey market is offering shares of Archean Chemical Industries Limited at a premium of Rs 85 today, the Mint reported. The GMP of a stock is useful in determining the kind of impact investor sentiment of an IPO may have on the company’s performance.
A strong GMP often signals a greater likelihood of listing gains.
Experts have said that concerning the Archean Chemical IPO, the rise in grey market sentiments could be the courtesy of a change in Dalal Street sentiments. The strong response from bidders has further bolstered this. While the grey market was already bullish on Archean Chemical IPO, the sentiment emanating from Dalal Street has served as another feather on the hat. Analysts are expecting the mood of the grey market to climb still as the share allotment date is fast approaching. Investors eagerly await the allotment date of the IPO, which is expected to fall on November 16. The company’s IPO got subscribed to 32.23 times. Its retail portion was subscribed 9.96 times.
The company’s shares are expected to list on BSE and NSE, the country’s leading stock exchanges, on Monday, November 21.
Archean Chemical Industries is a foremost manufacturer of specialty marine chemicals in the country. The company’s area of focus is producing and exporting industrial salt, bromine, and sulphate of potash to customers worldwide. The roots of Archean’s production are located in its brine reserves in the Rann of Kutch on the coast of Gujarat.
Big industry names like IIFL Securities, ICICI Securities, and JM Financial are the book-running lead managers to the IPO.
The allotment of shares for the initial public offer (IPO) of speciality marine chemical manufacturer Archean Chemical will be carried out on November 16 (Wednesday).
Here’s how you can check the status of allotment of shares.
Stock exchange website
Step 1: Visit the official BSE website.
Step 2: On the BSE homepage, click on ‘Equity’. A dropdown menu will appear. Select ‘Archean Chemical’.
Step 3: Enter your application and PAN number.
Step 4: After entering the details, click on ‘Search’.
After clicking on the ‘Search’ button, details of the number of shares subscribed and the number of shares allotted to you will be displayed.
Visit the registrar’s website Link Intime India to check your application status. Choose ‘Select company’ and click on ‘ Archean Chemical’.
Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID. Enter the captcha and click ‘submit’.
Once you press ‘submit’, the status of application will appear on the screen.
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