The Archean Chemical Industries Limited IPO subscription was open from 9th to 11th November 2022, within which retail investors made their applications to invest in shares of the company. This IPO’s price band ranged between Rs. 386 to Rs. 407 per share. The minimum lot size for subscription in this IPO was 36 shares.
The allotment of shares of Archean Chemical Industries Ltd IPO (which is a specialty marine chemical manufacturer) is expected today, November 16. The grey market premium (GMP) of this stock is at Rs. 100, which is Rs. 22 higher than the GMP as of November 15. This indicates that the grey market expects listing price to be around Rs. 507 (Rs 407 + Rs 100).
Investors who have made an application for this IPO allotment can check their allotment status as per the steps and details given below.
What is IPO allotment?
As part of any IPO allotment process, the offer’s registrar allocates the company’s shares to bidders who have made an application for an IPO subscription. In most large-cap IPOs, this process generally takes a week from the IPO release date. For small-cap IPOs, it may take longer, especially in case the IPO subscription does not reach the threshold requirement.
Read more: Difference between New Fund Offer (NFO) and Initial Public Offer (IPO)
Allotment date of Archean Chemical IPO
The allotment date for Archean Chemical Industries IPO is 16th November 2022. As per market observers, the issue’s grey market premium (GMP) is Rs. 100. This means the shares of the company are available in the grey market at a premium to the issue price band of Rs. 386-407.
The retail portion of Archean Chemical Industries IPO was subscribed 9.96 times whereas the total issue was subscribed 32.23 times on the last day of bidding process.
What is the process to check IPO application status?
IPO allotment status contains details, such as the total number of shares allotted to a bidder or investor. To check the status of the allotment, investors must wait until the IPO allotment date. The information is released to the public on the IPO registrar’s website post this date. IPO applicants or bidders can check their application status online through the BSE or NSE websites. An applicant can also check the status on the official registrar’s website. Investors or IPO subscription applicants can also know about the IPO allotment status through emails or SMS sent by BSE, NSE, CDSL, or NSDL.
Steps to check IPO allotment status on the Fisdom app
On the Fisdom app, an investor can check the allotment status of an IPO by going to his/her Order Book once the allotment process is complete.
Read more: 6 things to keep in mind while investing in IPOs/
Steps to check IPO allotment status on the BSE website
Investors who have bid for the IPO can check the allotment status through the Bombay Stock Exchange (BSE) website by following the steps mentioned below:
- Go to the BSE website – https://www.bseindia.com/investors/appli_check.aspx
- Within the option of issue type, select ‘Equity’
- In the ‘issue name’ section, choose the Archean Chemical Industries Limited from the dropbox
- Mention the application number
- Provide PAN details
- Select ‘I am not a Robot’ and click on submit to check the status
Steps to check IPO allotment status by visiting the Registrar of the issue
The Registrar of the issue for Archean Chemical Industries Limited IPO is Link Intime India Private Limited. To check the status of allotment with the Registrar of the issue, here are the steps to be followed.
- Visit the Link Intime India IPO allotment status webpage through the following link, https://linkintime.co.in/MIPO/ipoallotment.html
- Select Archean Chemical Industries Limited IPO from the dropdown menu
- Investors can choose either PAN Number, Application Number, or DP Client ID to check the status of allotment.
- Click ‘Search’ to check the allotment status.
About Archean Chemical Industries Limited IPO
Archean Chemical Industries Limited is a chemical sector player and as of 2021, it was the largest exporter of bromine and industrial salt in India. The company has the lowest cost of production of these products both nationally and internationally.
The company has an overall installed capacity of 28500 MT of bromine, 30,00,000MT per annum of industrial salt, and 1,30,000 MT per annum of sulphate potash being the only manufacturer of this product. The raw material for the company is available in Rann of Kutch and they have their manufacturing unit closer to captive Jakhau Jetty and Mundra Port. The close proximity to the port makes transportation effective and convenient for international customers.
Conclusion
With multiple IPOs being launched in India in the last few years, these tend to attract significant media attention and interest. Many IPOs see large-scale subscriptions from both retail investors and large institutional investors. The IPO allotment status is used by market experts as an indicator of the overall investor interest levels that the company has managed to attract in the market. Companies usually share IPO calendars to keep investors informed about the chronology of IPO events. Post the IPO allotment, the company’s shares are listed on the stock exchange for trading.
FAQs
IPO allotment generally takes 7 days from the IPO offer release date. This may take longer for small-cap IPOs since the subscription threshold limit may not necessarily be achieved within a short duration. The allotment of Archean Chemical Industries IPO is expected today, Nov 16.
IPO allotment status is generally updated on the IPO registrar’s website. Subscribers or bidders of Archean Chemical Industries IPO must provide their PAN number or IPO application number to check the allotment status. This information can also be found on the stock exchange websites. Allotment information is also sent to applicants via email or SMS notifications by BSE, NSE, NSDL, or CDSL.
If an investor is allotted Archean Chemical Industries IPO shares, he/she must receive a Confirmatory Allotment Note (CAN) within 15 days from the IPO issue closure as per SEBI guidelines. If not allotted shares, the refund has to be processed within 15 days from the issue closure date.
No, IPO allotment is not based on who applied first. It is allotted as per the response received from investors. If Archean Chemical Industries IPO does not attract investor interest and remains under-subscribed, there are higher chances of allotment for those who apply. In the case of oversubscription, the IPO allotment is calculated as per the number of shares available for retail investors divided by the minimum lot size.
Archean Chemical Industries IPO share allotment is not guaranteed since it depends on the level of subscription and investor interest received.
