Archean Chemical IPO Review

 

About Company:

Archean Chemical Industries Limited is India's largest exporter of bromine and industrial salt in Fiscal 2021. The company is the leading speciality marine chemical manufacturer in India and is focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world.

Archean Chemical Industries markets the products to 18 global customers in 13 countries and to 24 domestic customers. The company was the largest exporter of industrial salt in India with exports of 2.7 million MT in Fiscal 2021.

Archean Chemical Industries Limited are the largest exporter of Bromine from India. The company is the only manufacturer of sulphate potash in India. The company's marine chemicals business is predominately conducted on a business-to-business basis both in India and internationally.

The company has an integrated production facility for the bromine, industrial salt, and sulphate of potash operations, located at Hajipir, Gujarat, located on the northern edge of the Rann of Kutch brine fields.

Objectives of issue:

The Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale.

The company proposes to utilise the Net Proceeds of the Fresh Issue towards funding the following objects:

1. Redemption or earlier redemption, in part or full, of NCDs issued by the Company.

2. General corporate purposes.

Financials:

Tentative Timetable:

Archean Chemical IPO opens on Nov 9, 2022, and closes on Nov 11, 2022. The Archean Chemical IPO bid date is from Nov 9, 2022 10.00 A.M. to Nov 11, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.

Promoter Holding:

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Source: https://www.chittorgarh.com/ipo/archean-chemical-ipo/1334/