Kronox Lab Sciences IPO to open on 3rd June

30 May 2024 , 08:07 PM

Kronox Lab Sciences’s initial public offering (IPO) will open on June 3rd.  The price band for the IPO has been set at ₹129-136 per share. This IPO will be the 32nd  one for 2024..

The IPO will consist exclusively of an offer-for-sale (OFS) of 95.7 lakh equity shares, with no fresh issue component. Consequently, the proceeds from the issue will go directly to the selling shareholders. Promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani will each be offloading 31.9 lakh shares as part of the OFS.

The public issue is scheduled to close on June 5, with the anchor book opening for a single day on May 31. The company will finalize the basis of allotment by June 6, and successful investors will have shares credited to their demat accounts by June 7. Trading of Kronox Lab shares on the bourses is expected to commence on June 10.

Based in Gujarat, Kronox Lab Sciences specializes in the manufacture of high-purity specialty fine chemicals. These chemicals serve a wide array of industries, including pharmaceuticals, agrochemicals, personal care, metal refineries, and animal health products. The company’s portfolio boasts over 185 products, such as phosphate, sulfate, acetate, chloride, citrate, nitrates, nitrites, carbonate, EDTA derivatives, hydroxide, succinate, and gluconate. These products are supplied to customers in India and over 20 countries worldwide.

Kronox Lab competes with industry players like Tatva Chintan Pharma Chem, Tanfac Industries, Neogen Chemicals, Sigachi Industries, and DMCC Specialty Chemical. The company has demonstrated robust financial performance in recent years. In the financial year ending March 2023, Kronox Lab’s profit grew by 21.9% year-on-year to ₹16.6 Crore, while revenue from operations increased by 16.2% to ₹95.6 Crore. Additionally, the company’s EBITDA (earnings before interest, tax, depreciation, and amortization) for FY23 rose by 11.7% to ₹22 Crore, although the EBITDA margin declined by 90 basis points to 23% compared to FY22.

Pantomath Capital Advisors is serving as the sole book-running lead manager for the IPO, with KFin Technologies acting as the registrar for the offer.

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