Archean Chemical Industries IPO to open on Nov. 9

November 03, 2022 09:26 pm | Updated 09:26 pm IST - CHENNAI

Archean Chemical Industries Ltd. (ACIL) is set to enter the capital market on November 9 with a price band of ₹386 to ₹407 per equity share.

The main purpose of the issue is to redeem outstanding debts and for general corporate purposes, the city-based specialty marine chemical manufacturer said in a statement.

The IPO will comprise fresh issue of equity shares worth ₹805 crore and an offer for sale of up to 161,50,00 equity shares by existing promoters and shareholders. At the upper end of the price band, the IPO is expected to fetch ₹1,462 crore.

Bids can be made for a minimum of 36 shares and in multiples of 36 equity shares.

The bidding for anchor investors open on November 7.

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