The stock of Archean Chemical Industries Ltd. listed at Rs 449 apiece on the BSE Ltd., a premium of 10.31% to its IPO price of Rs 407 apiece. On the National Stock Exchange of India Ltd., the stock debuted at Rs 450, a 10.56% premium.
The specialty marine chemical manufacturer launched its three-day initial public offering on Nov. 9. It received a strong response, with the issue being subscribed 32.23 times.
The company manufactures products from brine reserves in the Rann of Kutch, located on the coast of Gujarat.
The products are manufactured at their facility near Hajipir in Gujarat, which is close to the captive Jakhau Jetty and Mundra Port, from which their products are exported around the world.
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