Kronox Lab IPO sees strong day 2 subscription

4 Jun 2024 , 11:50 AM

Kronox Lab Sciences’ IPO, which opened on June 3, saw an overwhelming response, on day 1 of subscription. 

On day 2 of subscription, the retail category saw 18.30 times subscription, the non-institutional investor category 30.27 times, and the qualified institutional buyers category 1.17 times.

The price band for the IPO is set between ₹129 and ₹136 per share. Investors are required to apply for a minimum lot size of 110 shares, making the minimum investment for retail investors ₹14,960. For small non-institutional investors (sNII), the minimum investment is 14 lots (1,540 shares), amounting to ₹209,440. For large non-institutional investors (bNII), the minimum investment is 67 lots (7,370 shares), totaling ₹1,002,320.

The IPO is an offer-for-sale of 95.7 lakh shares by promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani, with an estimated size of ₹130.15 Crore at the upper price band. Kronox, based in Vadodara, produces specialty chemicals for various industries, including pharmaceuticals and biotech. The company operates three manufacturing units and an R&D lab in Vadodara and plans to set up a new plant in Dahej, Gujarat, exporting to over 20 countries.

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