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Business News/ Markets / Ipo/  Kronox Lab Sciences IPO to list on June 10. What does GMP, subscription status hint ahead of listing?
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Kronox Lab Sciences IPO to list on June 10. What does GMP, subscription status hint ahead of listing?

Kronox Lab Sciences IPO to list on June 10, allotment completed on June 6, shares credited to demat accounts on June 7. Kronox Lab Sciences IPO received strong response in subscription, with GMP at ₹33 indicating a potential listing price of ₹169 per share.

Kronox Lab Sciences IPO listing date has been scheduled for Monday, June 10. (https://www.kronoxlabsciences.com/)Premium
Kronox Lab Sciences IPO listing date has been scheduled for Monday, June 10. (https://www.kronoxlabsciences.com/)

Kronox Lab Sciences IPO listing date has been scheduled for Monday, June 10. Kronox Lab IPO allotment was finalised yesterday (Thursday, June 6). Shares will be credited to demat accounts today (Friday, June 7). The refunding process for individuals who have not yet received their shares will also be completed today.

The speciality chemical company's subscription period began on Monday, June 3, and ended on Wednesday, June 5. By the end of the final bidding day, the issue had received a significant response from all three segments: non-institutional investors (NIIs) (301.92 times), qualified institutional buyers (QIBs) (89.03 times), and retail investors (54.23 times). On the third day, Kronox Lab Sciences IPO subscription status was 117.25 times.

Also Read: Kronox Lab Sciences IPO day 3: GMP, review to subscription status. Apply or not?

Half of the issue size was set aside for qualifiedinstitutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Furthermore, investors couldbid for a minimum of 110 stock shares, followed by multiples of 110 equity shares.

Kronox Lab Sciences Limited was founded in 2008 and manufactures specialised fine chemicals of high purity for a variety of end industries. APIs, pharmaceutical formulations, scientific research, nutraceuticals, agrochemical formulations, metal refineries, personal care products, and animal health products are all manufactured by the company. These are only a few applications for its high purity speciality fine chemicals.

Also Read: Kronox Lab Sciences IPO allotment finalised today; latest GMP, step-by-step guide to check status

Kronox Lab Sciences IPO details.
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Kronox Lab Sciences IPO details.

Let's check what does Kronox Lab Sciences IPO GMP today signal ahead of listing.

Kronox Lab IPO GMP today or grey market premium is +33. This indicates Kronox Lab Sciences share price were trading at a premium of 33 in the grey market, according to investorgain.com.

Given the upper end of the IPO price band and the existing premium in the grey market, the Kronox Lab Sciences IPO projected listing price is 169 per share, which is 24.26% more than the IPO price of 136.

Based on the previous ten sessions of grey market activity, the current GMP ( 33) is indicating a downward trend. According to investorgain.com analysts, the lowest GMP is 30, and the maximum is 82.

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

According to Shivani Nyati, Head of Wealth at Swastika Investmart, Kronox Lab Sciences, a maker of high-purity specialised fine chemicals, expects a decent listing despite a recent drop in its grey market premium (GMP) owing to volatile market conditions. While the GMP is presently at 33 (about 24% over the issue price), the IPO received a significant 117 times subscription.

Kronox Lab Sciences' excellent fundamentals, high subscriber rate, and continued significant GMP indicate a good listing. However, given current market volatility, short-term swings are possible.

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

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: 10 key risks investors should know before subscribing to the issue

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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Published: 07 Jun 2024, 04:34 PM IST
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