Kronox Lab Sciences IPO Sees Solid Debut on Market

11 Jun 2024 , 08:39 AM

On Monday, Kronox Lab Sciences’ stock made a robust debut when it was listed at ₹165 on the BSE, which is 21.32% more than its issue price of ₹136 per share. Comparably, the stock closed the day at ₹159.90 which is 17.6% more than its issue price.

With a lot size of 110 shares, Kronox Lab Sciences’ IPO offered its shares at a fixed price range of ₹129–136 per share. The Vadodara-based specialty chemical company raised somewhat more than ₹130.15 Crore through the sale of its issue between June 3 and June 5, which was only an offer for sale of 95.70 lakh equity shares.

Strong bidding for the offer was seen, particularly on the third and final day, resulting in an overall subscription of 118.22 times. A staggering 302.99 times bids were subscribed to the non-institutional investor quota, and the quota for qualified institutional bids (QIBs) was booked 89.03 times. Retail section of the IPO was subscribed 55.72 times.

High-purity specialty fine chemicals are produced by Kronox Lab Sciences for a range of end-user industries. Numerous sectors, including the production of APIs, pharmaceutical formulations, scientific research, nutraceuticals, biotech, agrochemical, personal care, metal refineries, and animal health care, use its high purity specialty fine chemicals.

Kfin Technologies served as the registrar for the Kronox Lab Sciences initial public offering (IPO), with Pantomath Capital Advisors serving as the exclusive book running lead manager.

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