Kronox Lab Sciences IPO Subscribed 11 Times On Day 1 Of Offer

The initial public offer of Kronox Lab Sciences got subscribed 11.06 times on the first day of subscription on Monday.

The IPO received bids for 7,40,66,630 shares against 66,99,000 shares on offer, as per NSE data.

The category for non-institutional investors fetched 19.94 times subscription, while Retail Individual Investors (RIIs) part got subscribed 12.93 times. The quota for Qualified Institutional Buyers (QIBs) received 1.11 times subscription.

The Initial Public Offer (IPO) has an offer-for-sale component of up to 95,70,000 equity shares.

Price Range

Its price range is Rs 129-136 a share.

Kronox Lab Sciences has raised Rs 39.04 crore from anchor investors.

Pantomath Capital Advisors is the book-running lead manager to the offer.

The company's equity shares are proposed to be listed on the BSE and NSE.

About the company

Vadodara-based Kronox Lab Sciences is the manufacturer of high-purity speciality fine chemicals. Its high purity speciality fine chemicals portfolio has more than 185 products. The products are used mainly for applications across pharmaceuticals, nutraceuticals, biotech, animal health, scientific research, agrochemicals, and personal care, among others.

Kronox exports to more than 20 countries with major exports to the US, the UK, Mexico, Australia, and Egypt.

The company has 3 manufacturing facilities and a Research, Development and Testing (RDT) laboratory, situated in Vadodara, Gujarat. Additionally, the company has acquired land in Dahej, Gujarat to set up a new manufacturing plant.