Kronox Lab Sciences IPO Subscribed 118.22 Times On Day 3
The IPO has been subscribed 118.22 times as of 7 p.m. on Wednesday.
The initial public offering of Kronox Lab Sciences Ltd. entered the third day after getting fully subscribed on the opening day, driven by demand from non-institutional investors. The IPO has been subscribed 118.22 times on the final day and 24.58 times on day two.
The company is the sixth most subscribed IPO so far in 2024.
The company is looking to raise Rs 130.15 crore through the maiden share sale. The IPO was subscribed 11.10 times on day 1. The three-day IPO is entirely an offer-for-sale of 95.7 lakh equity shares by promoters Jogindersingh Jaswal, Pritesh Ramani and Ketan Ramani.
The Vadodara-based company specialises in the manufacturing of fine chemicals. It announced a price range of Rs 129-136 per equity share and the minimum lot size for subscription is 110 shares. The company, after a successful public offering, will be listed on the National Stock Exchange and the BSE.
Half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
The company raised Rs 39.04 crore from anchor investors, ahead of its initial public offering. Pantomath Capital Advisors is the sole book-running lead manager.
Issue Details
Issue opens: June 3.
Issue closes: June 5.
Issue price: Rs 129-136 per share.
Offer for sale: Rs 130.15 crore.
Listing: BSE and NSE.
Business
Their specialty chemical products are used in a wide spectrum of industries for diversified uses like active pharmaceutical ingredients, pharmaceutical formulations, personal care, scientific research and testing, agrochemicals, biotech, animal health, and metallurgy, among others.
Kronox has three manufacturing facilities and a research, development and testing laboratory in Vadodara, Gujarat. It had also acquired land in Dahej, Gujarat to set up a new manufacturing plant. The company exports to over 20 countries with major exports to the UK, the US, Mexico, Egypt and Australia among others.
Subscription Status: Day 3
The IPO has been subscribed 118.22 times as of 7 p.m. on Wednesday.
Institutional investors: 89.03 times.
Non-institutional investors: 302.99 times.
Retail investors: 55.72 times.
