Kronox Lab Sciences IPO garners 117.25 times subscription on closing day of offer

New Delhi: The initial public offer of Kronox Lab Sciences garnered 117.25 times subscription on the closing day of bidding on Wednesday.

The IPO received bids for 78,54,49,390 shares against 66,99,000 shares on offer, as per NSE data. The portion for non-institutional investors fetched a whopping 301.92 times subscription while the quota for Qualified Institutional Buyers (QIBs) got subscribed 89.03 times. The category for Retail Individual Investors (RIIs) received 54.23 times subscription. The Initial Public Offer (IPO) has an offer for sale of up to 95,70,000 equity shares. The price range for the offer is Rs 129-136 a share. Kronox Lab Sciences has raised Rs 39.04 crore from anchor investors. Pantomath Capital Advisors is the book-running lead manager to the offer. The company's equity shares are proposed to be listed on the BSE and NSE.

Vadodara-based Kronox Lab Sciences is the manufacturer of high-purity speciality fine chemicals. Its high purity speciality fine chemicals portfolio has more than 185 products. The products are used mainly for applications across pharmaceuticals, nutraceuticals, biotech, animal health, scientific research, agrochemicals, and personal care, among others. Kronox exports to more than 20 countries with major exports to the US, the UK, Mexico, Australia, and Egypt. The company has 3 manufacturing facilities and a Research, Development and Testing (RDT) laboratory, situated in Vadodara, Gujarat. Additionally, the company has acquired land in Dahej, Gujarat to set up a new manufacturing plant.