Kronox Lab Sciences IPO: Firm mobilises ₹39.04 crore from anchor investors ahead of subscription

  • Kronox Lab Sciences IPO: The subscription period is from June 3 to June 5. The issue has set a price band at 129-136 per share with no fresh component

Nikita Prasad
First Published31 May 2024, 10:46 PM IST
Kronox Lab IPO: The subscription period for the Kronox Lab Sciences IPO is set for Monday, June 3, and it will end on Wednesday, June 5.
Kronox Lab IPO: The subscription period for the Kronox Lab Sciences IPO is set for Monday, June 3, and it will end on Wednesday, June 5. (https://www.kronoxlabsciences.com/)

Kronox Lab Sciences IPO: Kronox Lab Sciences has raised 39.04 crore from anchor investors a day ahead of its IPO subscription opening for bidding. Kronox Lab Sciences IPO will open for its three-day subscription period on Monday, June 3. The bidding for the mainboard IPO will close on Wednesday, June 5. 

The price band for the speciality fine chemicals manufacturer's IPO has been fixed in the range of 129 to 136 per equity share of the face value of 10 each. Kronox Lab Sciences finalized an allocation of 28.71 equity shares of 10 each fully paid up to the anchor investors for 136 per equity share (including a share premium of Rs. 126 per equity share), according to a circular filed on BSE.

Negen Undiscovered Value Fund, Chanakya Opportunities Fund I, Minerva Emerging Opportunities Fund Ltd, Capri Global Capital, Moneywise Financial Services Ltd, and VPK Global Ventures Fund are among the anchor investors.

Also Read: Kronox Lab Sciences IPO: From financials to key risks, here are 10 key things to know from RHP before subscribing

Kronox Lab Sciences IPO Details:

Kronox Lab Sciences IPO is a book built issue of 130.15 crore. The IPO consists only of an offer-for-sale (OFS) of 95.7 lakh equity shares; there is no fresh issue component. The selling shareholders will so get the whole offering proceeds.

The allotment for the Kronox Lab Sciences IPO is expected to be finalized on June 6, 2024. Kronox Lab Sciences IPO will list on BSE, NSE with tentative listing date fixed as June 10, 2024. The minimum lot size for an application is 110 shares. The minimum amount of investment required by retail investors is 14,960.

In the Kronox Lab Sciences IPO, a minimum of 15 per cent of the shares have been allocated for non-institutional institutional investors (NII), 35 per cent of the shares are allocated for retail investors, and 50 per cent of the shares are reserved for qualified institutional buyers (QIB).

The promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani are among the selling shareholders of the OFS -- together, they are offloading 31.9 lakh shares. Pantomath Capital Advisors Pvt Ltd is the book running lead manager and Kfin Technologies is the registrar for the Kronox Lab Sciences initial public offering.

Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani are the company's promoters. The promoters together own 3,70,94,280 equity shares in the firm which accounts for 99.98 per cent of the pre-offer issued, subscribed, and paid-up equity share capital of the business.

Also Read: Kronox Lab Sciences IPO to open on June 3; check GMP, price band, issue size, key dates, more.

Kronox Lab Sciences Company Details:

High-purity specialty fine chemicals are produced by Kronox Lab Sciences Limited for a range of end markets. The company's High Purity Specialty Fine Chemicals are utilised in the production of pharmaceutical formulations, nutraceuticals, scientific research, agrochemical formulations, metal refineries, personal care products, and animal health products, among other uses.

A vast array of more than 185 goods are available from the corporation, such as phosphate, sulphate, acetate, chloride, citrate, nitrates, nitrites, carbonate, EDTA derivatives, hydroxide, succinate, gluconate, and others. Customers in India and over 20 other countries across the world are served by these items.

From March 31, 2022 to March 31, 2023, Kronox Lab Sciences profit after tax climbed by 21.94 per cent while its revenue increased by 16.99 per cent. The company's listed peers are Tatva Chintan Pharma Chem Ltd (with a P/E of 57.57), Tanfac Industries Ltd (with a P/E of 39.15), Neogen Chemicals Ltd (with a P/E of 77.55), Sigachi Industries Ltd (with a P/E of 46.64), and DMCC Speciality Chemical Ltd (with a P/E of 116.57).

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First Published:31 May 2024, 10:46 PM IST
HomeMarketsIPOKronox Lab Sciences IPO: Firm mobilises ₹39.04 crore from anchor investors ahead of subscription

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