Kronox Lab Sciences will launch its initial public offering (IPO) on Monday, June 3. The company will be offering its shares in the fixed price band of Rs 129-136 apiece. Investors can apply for the issue in lot size of 110 equity shares and its multiples thereafter, until Wednesday, June 5.
Kronox Lab Sciences is a manufacturer of high-purity specialty fine chemicals for diverse end-user industries. The company’s high purity specialty fine chemicals are used in various applications such as manufacturing APIs, pharma formulations, scientific research, nutraceuticals, biotech, agrochemical, personal care , metal refineries, and animal health care.
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The IPO Kronox Lab Sciences is entirely an offer-for-sale (OFS) of up to 95,70,000 equity shares amounting to Rs 130.15 crore by its promoters Joginder Singh Jaswal, Ketan Ramani and Pritesh Ramani. The company will not receive any proceeds from the issue, while the anchor book will open on Friday, May 31.
Kronox Lab offers a wide range of over 185 products, including phosphate, sulphate, acetate, chloride, citrate, nitrates, nitrites, carbonate, EDTA derivatives, hydroxide, succinate, gluconate, and others. The company has three manufacturing facilities in Vadodara, Gujarat, close to the seaports of Mundra, Kandla, Hazira, and Nhava Sheva.
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These products are supplied to customers in India and more than 20 countries worldwide. Kronox Lab exports its products to countries such as United States, Argentina, Mexico, Australia, Egypt, Spain, Turkey, United Kingdom, Belgium, United Arab Emirates, China, among others.
Kronox Lab Sciences has reserved 50 per cent of its IPO allocation for qualified institutional bidders (QIBs), while the non-institutional investors (NIIs) will get 15 per cent of the reservation. Remaining 35 per cent of the share quota shall be allocated towards retail investors of the issue.
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For the nine months ended on December 31, 2023, Kronox Labs reported a net profit of Rs 15.46 crore with a revenue of Rs 68.44 crore. The company’s bottomline came in at Rs 16.62 crore with a revenue of Rs 97.50 for the financial year 2022-23.
Pantomath Capital Advisors is the book running lead manager of the Kronox Lab Sciences IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with June 10 as the tentative date of listing of shares on the bourses.
