Kronox Lab Sciences IPO booked over 11x on day 1 on strong retail, NII demand; check GMP, other details

  • Kronox Lab IPO fully subscribed within an hour of opening, with strong retail and NII demand leading the way. Retail investors subscribed 12.66 times, NII category 19.24 times. QIB quota booked at 1.08 times.

Dhanya Nagasundaram
First Published3 Jun 2024, 11:45 AM 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 IPO subscription status: In a record high market, specialty chemical company Kronox Lab Sciences IPO was fully subscribed within an hour of opening today (Monday, June 3).The strong retail and non-institutional investor (NII) demandlead the way. Kronox Lab Sciences IPO subscription status was 11.10 times, as per BSE data.

Kronox Lab IPO share sale received bids for 7,43,33,710 shares against 66,99,000 shares on offer, according to BSE data.

The portion for retail investors fetched 13.00 times subscription while the category for non-institutional investors got subscribed 19.97 times. The quota for Qualified Institutional Buyers (QIBs) is booked 1.11 times.

The issue that has opened for subscription today will close on Wednesday, June 5. Kronox Lab Sciences IPO price band has been fixed in the range of 129 to 136 per equity share of the face value of 10. Kronox Lab IPO garnered 39.04 crore from anchor investors on Friday, May 31.

Also Read: Kronox Lab Sciences IPO: GMP, review, subscription status, other details. Apply or not?

Kronox Lab Sciences IPO details.

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

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.

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).

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

Kronox Lab Sciences IPO details

There is no fresh issue component to the IPO; there is only an offer-for-sale (OFS) of 95.7 lakh equity shares. As a result, the selling shareholders will get the full issue proceeds.

The OFS's selling shareholders include the promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani, who are each offloading 31.9 lakh shares.

The book running lead manager for the Kronox Lab Sciences IPO is Pantomath Capital Advisors Pvt Ltd, and the registrar is Kfin Technologies Limited.

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 GMP today

Kronox Lab Sciences IPO GMP or grey market premium is +81. This indicates Kronox Lab Sciences share price were trading at a premium of 81 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Kronox Lab Sciences IPO expected listing price was indicated at 217 apiece, which is 559.56% higher than the IPO price of 136.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:3 Jun 2024, 11:45 AM IST
HomeMarketsIPOKronox Lab Sciences IPO booked over 11x on day 1 on strong retail, NII demand; check GMP, other details

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