Kronox Lab Sciences files IPO papers with Sebi

New Delhi: Speciality Chemicals Company Kronox Lab Sciences has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed offer comprises a fresh issue of equity shares worth Rs 45 crore and an offer-for-sale (OFS) of 78 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP).

As per market sources, the estimated IPO size is Rs150 crore. Going by the draft papers filed on Friday, the proceeds from the fresh issue will be utilized for funding the working capital requirements and general corporate purposes. Vadodara-based Kronox is a manufacturer of high-purity specialty fine chemicals.