Mumbai: Shares of specialty chemicals company Archean Chemical Industries listed on Monday at ₹450, a premium of 10.5% over its offer price of ₹407. The stock closed 12.53% higher at ₹458 on NSE. The ₹1,462-crore IPO of Archean Chemical Industries, sold between November 9 and November 11, was subscribed 32 times. The shares were sold in the range of ₹387-407 apiece.
“Allottees who applied for the public issue for listing gains are advised to maintain stop loss at ₹440 and wait for further upside whereas those who have a medium- to long-term perspective can hold the stock maintaining stop loss at ₹410,” said Ravi Singhal, CEO at brokerage GCL.
The portion reserved for institutional investors was subscribed 48.91 times, while the retail quota was subscribed 9.96 times. The high-net-worth individuals’ portion received bids for 14.9 times the shares reserved for them.
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