Archean makes strong debut

There was a brand new listing on the bourses today, Archean Chemicals. As against the IPO price of Rs.407/share, the stock got listed on the NSE at Rs.450 and at Rs.449 on the BSE.

The IPO had met with a  strong response, wherein it got subscribed 32.23 times on the last day, November 11, 2022.

This 10-year old company produces bromine and industrial salt from brine reserves in Rann of Kutch, Gujarat. Archean is among world’s lowest cost producer and India’s largest exporter for both these specialty chemicals. It is both a volume-cum-cost leader.

In our IPO Analysis section, we had concluded, “ Niche chemicals with growing demand, high margin, expanding capacity, low retail float post listing and attractive valuation make the IPO a ‘susbcribe.”