Archean Chemical IPO: Bidding for the initial public offering (IPO) of Archean Chemical Industries Limited ended on Friday and now bidders are eagerly waiting for Archean Chemical IPO allotment date, which is most likely on 16th November 2022. In three days bidding from 9th November to 11th November 2022, the public issue worth ₹1,462.31 crore got subscribed 32.23 times whereas its QIB portion was subscribed 48.91 times. The public issue received 9.96 times subscription in retail segment. Meanwhile, after trend reversal on Friday session, grey market has gone highly bullish on the scrip. According to market observers, shares of Archean Chemical Industries Limited are available at a premium of ₹80 in grey market today.
Archean Chemical IPO GMP today
Market observers said that Archean Chemical IPO GMP (grey market premium) today is ₹80, which is ₹14 higher from its Friday GMP of ₹66. They said that Archean Chemical IPO GMP has risen after change of sentiments on Dalal Street. They went on to add that strong Dalal Street sentiments have trickled down to grey market, which led to rise in grey market premium of the stock. Market observers maintained that if bull trend continues on Dalal Street, we can expect further rise in Archean Chemical share price in grey market.
What this GMP means?
Market observers said that Archean Chemical IPO GMP today is ₹80, which means grey market is expecting that Archean Chemical IPO listing would be around ₹487 ( ₹407 + ₹80), which is around 20 per cent higher from its price band of ₹386 to ₹407 apiece. They said that the public issue has received strong response from investors and this is also working in favour of the public issue in grey market.
However, stock market experts maintained that grey market should be taken blindly. It is non-regulative and completely speculative. So, chances are quite high that GMP can be an artificial number as it involves even those who have high stake involved in the public issue. They advised bidders to scan balance sheet of the company and rely on concrete fundamentals of the company.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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