Kronox Labs gets listed at a premium of 21%

10 Jun 2024 , 09:53 AM

Kronox Labs shares made a strong debut on the exchanges, listing at ₹164.95 on the NSE and ₹165 on the BSE, a 21% premium over the issue price of ₹136. The ₹130-crore public offer was highly successful, being subscribed over 117 times. Non-Institutional Investors (NIIs) led with 302 times their allotted quota, followed by Qualified Institutional Buyers (QIBs) at 89 times and Retail Investors at 54.23 times.

On May 31, a day before the issue opening, Kronox Labs raised ₹39.05 crore through its anchor book. Key investors included Negen Undiscovered Value Fund, Chanakya Opportunities Fund I, Minerva Emerging Opportunities Fund, Capri Global Capital, and Moneywise Financial Services.

Founded in 2008, Kronox Labs specializes in manufacturing high-purity specialty fine chemicals used in a variety of industries. These chemicals are essential in the production of APIs, pharmaceutical formulations, scientific research, nutraceuticals, biotech applications, agrochemical formulations, personal care products, metal refineries, and animal health products.