Kronox Lab Sciences is set to launch its initial public offering (IPO) on Monday, June 3, with shares priced between ₹129 to ₹136 each. The IPO will close on Wednesday, June 5, and investors can buy shares in lots of 110.
Before the IPO, Kronox Lab Sciences raised ₹39.04 crore from anchor investors on May 31. These investors include Negen Undiscovered Value Fund, Chanakya Opportunities Fund I, and others.
Company Overview
Kronox Lab Sciences specializes in producing specialty fine chemicals used across various industries like biotech, pharmaceuticals, and personal care. The company operates three production facilities and a Research, Development, and Testing (RDT) laboratory in Vadodara, Gujarat.
They’ve also acquired property in Dahej, Gujarat, to build a new production facility. Their products are exported to over 20 countries, including the US, the UK, and Mexico.
In terms of IPO allocation, retail investors will receive 35%, qualifying institutional buyers 50%, and non-institutional investors the remaining 15%.
The grey market premium (GMP) for Kronox Lab Sciences IPO is +82, indicating strong demand. This means that shares are trading at a premium of ₹82 in the grey market. Analysts estimate the IPO’s listing price to be around ₹218, which is 60.29% higher than the IPO price.
The IPO consists only of an offer-for-sale (OFS) of 95.7 lakh equity shares, with promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani each selling 31.9 lakh shares.
Pantomath Capital Advisors Pvt Ltd is the book running lead manager for the IPO, and Kfin Technologies Limited is the registrar.
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