Kronox Lab Shares Close 17% Above IPO Price
Kronox's stock closed 17.65% higher at 160 per share on the BSE.
Shares of Kronox Lab Sciences Ltd. closed over 17% higher on Monday than the issue price of Rs 136 per share on their listing day. The counter closed 17.65% higher on the BSE at 160 per share. It closed 17.57% higher at 159.90 on the National Stock Exchange.
The stock was listed on the exchanges at a premium of over 21% to the issue price of its maiden share sale. On the BSE, the counter opened at Rs 165 per share against the IPO price of Rs 136 apiece, marking a premium of 21.32%. On the NSE, the stock listed at Rs 164.95, up 21.29% from the issue price.
The initial public offering, which closed on Wednesday, was subscribed 118.22 times, with high net-worth individuals leading demand at almost 303 times their reserved size. Institutional and retail investor portions were subscribed 89.03 times and 55.72 times, respectively.
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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.
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.
