Archean Chemical IPO listing date fixed on Monday. GMP signals strong debut
- Archean Chemical IPO listing date has been fixed on 21st November 2022
Archean Chemical IPO: Share listing date for the initial public offerings (IPO) of Archean Chemical Industries Ltd has been fixed on 21st November 2022 i.e. on Monday next week. As per the information available on BSE website, effective from Monday, November 21, 2022, the equity shares of Archean Chemical Industries Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' group of securities.
Archean Chemical IPO GMP today
Meanwhile, ahead of share listing date, Archean Chemical IPO GMP ((grey market premium) has ascended despite weak closing on Friday. According to market observers, shares of Archean Chemical Industries Ltd are available at a premium of ₹120 in grey market today, which is ₹20 higher from its Thursday GMP of ₹100. They said that this rise in Archean Chemical IPO GMP signals that grey market is bullish on the scrip even though stock market sentiments are not much encouraging. They said that such rise in GMP of the public issue indicates strong debut of shares.
What this GMP means?
Market observers said that Archean Chemical IPO GMP today is ₹120 that means grey market is expecting that Archean Chemical IPO listing would take place around ₹527 ( ₹407 + ₹120), which is around 30 per cent higher from Archean Chemical IPO price band of ₹386 to ₹407 per equity share. They said that such robust GMP during dull market sentiments is an indication that allottees can expect bumper listing premium on Monday.
However, stock market experts maintained that GMP is not an ideal indicator about listing premium as it is a non-regulated speculative number, which has nothing to do with balance sheet of the company. They said that one should rely on the financials of the company as it gives concrete fundamental picture of the company's business and its growth outlook. They advised allottees to stick with their conviction that prompted them to invest in this public issue worth ₹1,462.31 crore.
During three days bidding from 9th to 11th November 2022, the public issue got subscribed 32.23 times whereas its retail portion was subscribed 9.96 times.
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