Speciality marine chemicals manufacturer Archean Chemical Industries has decided to launch its initial public subscription offering on November 9. Offers close on November 11. The issue will be open to major investors on November 7. The company will reveal details of its IPO price range on November 3.

The IPO consists of a new issue of shares worth Rs 805 crore and a proposal by promoters and investors to sell 1.61 crore shares.

Promoter Chemikas Specialty LLP will sell 20 lakh shares through a tender offer. At the same time, investors Piramal Natural Resources, India Resurgence Fund, and Scheme I will reduce their holdings by 38.35 lakh shares, respectively, and India Resurgence Fund Scheme II will reduce their holdings by 64.78 lakh shares through OFS. Proceeds from the new issue will redeem non-convertible bonds and general corporate purposes.

Archean Chemical Industries specialises in the production of bromine, industrial salts and potassium sulfate and exports to customers worldwide.

Bromine is a key starting material in pharmaceuticals, agrochemicals, water treatment, flame retardants, additives, oil and gas, and energy storage batteries.

Industrial salt is an important raw material to produce sodium carbonate (soda ash), caustic soda, hydrochloric acid, chlorine, bleaching powder, chlorate, sodium sulfate (salt cake) and sodium metal in the chemical industry. Potassium sulfate is used as a fertiliser and also has medical uses.

IIFL Securities, ICICI Securities and JM Financial acted as book-runners for the offering. This will be the sixth public offering this month after DCX Systems, Fusion Micro Finance, Global Health, Bikaji Foods International and Five Star Business Finance.