Kronox Lab Sciences IPO opens on June 3; here’s what GMP hints ahead of subscription

  • Kronox Lab Sciences IPO to open on June 3 with 129-136/share price band. Anchor investors received 28.71 equity shares at 136/share. Company produces specialty fine chemicals for various sectors and plans new production facility in Gujarat.

Dhanya Nagasundaram
First Published1 Jun 2024, 12:55 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 IPO: Kronox Lab Sciences's initial public offering (IPO) will open for subscription on Monday, June 3, at a price band of 129–136 per share. The IPO lot size will be 110 equity shares. Kronox Lab IPO will close on Wednesday, June 5. Kronox Lab Sciences IPO garnered 39.04 crore from anchor investors on Friday, May 31. 

A circular issued on the BSE states that Kronox Lab Sciences has finalized the distribution 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 126 per equity share).

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

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

Specialty fine chemicals are produced by Kronox. Its products are utilized for a variety of purposes across a broad range of sectors, including biotech, pharmaceutical formulations, active pharmaceutical ingredients, metallurgy, agrochemicals, scientific research and testing, and personal care.

In Vadodara, Gujarat, the company has three production facilities in addition to a Research, Development, and Testing (RDT) laboratory. In order to establish a new production facility, the business has also purchased property in Dahej, Gujarat. More than 20 countries are among its top export destinations, including the US, the UK, Mexico, Australia, and Egypt.

Retail investors are allocated 35% of the issue size, qualifying institutional buyers are allocated 50%, and non-institutional investors will receive the remaining 15%.

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

Let's take a look at Kronox Lab Sciences IPO GMP today

Kronox Lab IPO GMP or Kronox Lab Sciences IPO grey market premium is +82. This indicates Kronox Lab Sciences share price were trading at a premium of 82 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 218 apiece, which is 60.29% higher than the IPO price of 136.

Today's IPO GMP indicates higher and anticipates a solid listing based on the activity of the grey market during the past four sessions. Analysts at investorgain.com estimate that the lowest GMP is 80 and the maximum GMP is 82.

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

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: Vadodara-based Kronox Lab Sciences files DRHP to launch its IPO

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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First Published:1 Jun 2024, 12:55 PM IST
HomeMarketsIPOKronox Lab Sciences IPO opens on June 3; here’s what GMP hints ahead of subscription

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