Kronox Lab Sciences IPO Oversubscribed 71.75 Times

5 Jun 2024 , 02:42 PM

On Wednesday, the final day of the bidding process, Kronox Lab Sciences’ initial public offering (IPO) saw roughly 71.75 times subscription as of 2:34 pm. This was mostly due to strong demand from non-institutional investors, whose category saw 210.17 times subscription.

Retail and QIB investor categories were booked more than 43.05 times and 18.14 times, respectively. The offer is split around 50% for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail buyers.

The offering is solely an offer to sell 95.7 lakh shares, and it closes today. Since the IPO is wholly an OFS, Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani—all members of the promoter group—will get full net proceeds from the sale of their shares.

The price range that the company has set for its first public offering is ₹129-136 per share. It aims to raise a maximum of ₹130 Crore.

High purity specialty fine chemicals are produced by Kronox Lab Sciences for a range of end-user industries. Among other things, its products are used in the manufacturing of pharmaceutical formulations, nutraceuticals, agrochemical formulations, metal refineries, scientific research, personal care products, and animal health goods.

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