Shares of Kronox Lab Sciences made a strong Dalal Street debut on Monday as the stock was listed at Rs 165 on BSE, a premium of 21.32 per cent over its issue price of Rs 136 apiece. Similarly, the stock was listed at a premium of 21.29 per cent Rs 164.95 on BSE over the same issue price.
Ahead of its listing. the grey market premium (GMP) of Kronox Lab Sciences, despite a strong response for the issue. Last heard, the Kronox Lab Sciences was commanding a premium of Rs 30 per share, suggesting a listing pop of around 22 per cent for the investors.
The IPO of Kronox Lab Sciences offered its shares in the fixed price band of Rs 129-136 per share with a lot size of 110 shares. The Vadodara-based specialty chemical firm sold its issue between June 03 and June 05 to raise a little more than Rs 130.15 crore via its primary offering, which was entirely an offer for sale of 95.70 lakh equity shares.
The issue saw robust bidding, especially on the third and last day, which led to an overall subscription of 118.22 times. The quota for qualified institutional bidders (QIBs) was booked 89.03 times, while the quota for non-institutional investors was subscribed a whopping 302.99 times. The portion reserved for retail investors saw bidding for 55.72 times.
Kronox Lab Sciences is a manufacturer of high-purity specialty fine chemicals for diverse end-user industries. Its high purity specialty fine chemicals are used in various industries including manufacturing APIs, pharma formulations, scientific research, nutraceuticals, biotech, agrochemical, personal care , metal refineries, and animal health care.
Pantomath Capital Advisors is the sole book running lead manager of the Kronox Lab Sciences IPO, while Kfin Technologies was the registrar for the issue.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
