Kronox Lab Sciences IPO wanted to raise Rs 130.15 crore by offering its 9.6 million shares. It’s entirely an offer for sale meaning that the company’s promoters and selling shareholders will dump their stake.
The IPO will open on June 03 and close on June 05. The company will accept the application for bidding in a range of Rs 129 to 136 per equity share. The allotment is expected to be finalised on June 06, with tentative listing scheduled for June 10 on both the exchanges – NSE and BSE.
A retail application needs to apply for a minimum of one lot containing 110 shares, which amounts to Rs14,960. While for NIIs lot size is different.
Pantomath Capital Advisors is working as the book-running lead manager and Kfin Technologies is the registrar for the issue.
About Kronox Lab Sciences
Kronox Lab Sciences manufactures high-purity speciality fine chemicals for diverse end-user industries. The company’s products are used in various applications such as manufacturing APIs, pharmaceutical formulations, scientific research, nutraceuticals, biotech applications, agrochemical formulations, personal care products, metal refineries, and animal health products. The company has a range of products, including phosphate, sulphate, acetate, chloride, citrate, nitrates, nitrites, carbonate, and many others. It manufactures 185 different products. These products are supplied to customers not just in India, but to over 20 countries worldwide such as the United States, Argentina, Mexico, Australia, Egypt, Spain, Turkey, United Kingdom, Belgium, United Arab Emirates, and China among others.
Expert’s take
“The company is currently operating at a capacity utilization of close to 50% of its current capacity of 7,242 MTPA for 9MFY24. They have a plan to more than double its capacity to 18,000 MTPA and will be commissioning it in the next 2 years by setting up another Unit at Dahej. The company has ample room to grow in the coming years given the expansions it has in the pipeline. The IPO is coming at a discount to the company’s listed peers. Given the growth prospects and the valuations, we advise to “Subscribe” the IPO from a medium to long-term standpoint,” said Master Capital Service.