Kronox Lab Sciences IPO subscribed 24.57 times

The offer received bids for 16.45 crore shares as against 0.66 crore shares on offer.

The initial public offer (IPO) of Kronox Lab Sciences received 16,45,99,160 bids for shares as against 66,99,000 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (4 June 2024). The issue was subscribed 24.57 times.

The issue opened for bidding on Monday (3 June 2024) and it will close on Wednesday (5 June 2024). The price band of the IPO is fixed at Rs 129 to 136 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.

The offer comprises an offer for sale of 95.70 lakh equity shares aggregating to Rs 130 crore.

The promoter shareholder Jogindersingh Jaswals stake post-issue will decrease to 26.4% from 34.99% pre-issue shareholding, Ketan Ramani stake post-issue will decrease to 26.4% from 34.99% and Pritesh Ramani stake post-issue will decrease to 21.4% from 30%. The company will not receive any proceeds from the offer.

Ahead of the IPO, Kronox Lab Sciences on Friday, 31 May 2024, raised Rs 39.04 crore from anchor investors. The board allotted 28.71 lakh shares at Rs 136 each to 6 anchor investors.

Kronox Lab Sciences manufacture high purity speciality fine chemicals for diversified end user industries. It manufactures products compliant with reagents, pharmacopeia, and various food grade standards used in the pharmaceutical, nutraceutical, veterinary, food, biotech, chemical analysis and research, metallurgy, personal care and other specialty markets. The companys product groups include acetates, carbonates, chlorides, citrates, hypophosphates, nitrates, nitrites, phosphates, sulphates, and other ultra-pure fine chemicals.

The firm reported a net profit of Rs 15.47 crore and total income of Rs 67.69 crore for the nine months ended on 31 December 2023.

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