Archean Chemical and Five Star Business Finance IPOs open today

The initial public offerings (IPOs) of two key companies opened on November 9 and will end on November 11. These are speciality marine chemical manufacturer Archean Chemical Industries Private Limited and Five Star Business Finance Ltd.

The Archean Chemical IPO price band has been fixed in the range of ₹386 to ₹407 per share. At the upper end, the IPO is expected to fetch ₹1,462 crore.

Archean Chemical has already raised ₹658 crore from anchor investors ahead of the IPO. The firm has allocated 16,167,991 shares to anchor investors at ₹407 apiece, according to a circular uploaded on the BSE website.

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The Archean Chemical IPO comprises a fresh issue of equity shares aggregating to ₹805 crore and an offer for sale (OFS) of up to 1.61 crore shares by promoter and investors.

Market observers said Archean Chemical shares were commanding a grey market premium (GMP) of ₹60 on Wednesday. The shares are expected to list on BSE and NSE on November 21.

Archean produces and exports bromine, industrial salt, and sulphate of potash to customers worldwide. It makes products with its brine reserves in the Rann of Kutch in Gujarat at its facility near Hajipir in the western state.

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The Five Star Business Finance IPO price band has been fixed at ₹450 to ₹474. It is 100 per cent OFS in nature.

According to market experts, shares of Five Star Business Finance Ltd are available at a GMP of ₹12 on Wednesday, ₹2 higher from its Tuesday GMP of ₹10 per equity share.

The NBFC aims to raise ₹1,960.01 crore from the IPO. The tentative date for share allocation is November 16.