The IPO of Chronox Lab Sciences has witnessed a remarkable response from investors on June 3, the first day of subscription. With a subscription rate of 11.10 times, investors have shown significant interest in the offering.
The IPO, which aims to raise Rs 130.15 crore, has garnered bids for 7.43 crore shares against the available 66.99 lakh shares.
This robust response is attributed to the positive market sentiment fueled by expectations of political stability following the exit polls.
Subscription Status:
Qualified Institutional Buyers (QIB): Subscribed 1.11 times
Non-Institutional Investors (NII): Subscribed 19.97 times
Retail Individual Investors (RIIs): Subscribed 13 times
The IPO, which will remain open for subscription until June 5, has set a price band of Rs 129-136 per share. Notably, this IPO does not include the issuance of new equity shares but is based entirely on an Offer for Sale (OFS).
The OFS comprises 95.70 lakh equity shares, with promoters Joginder Singh Jaswal, Ketan Ramani, and Pritesh Ramani as the selling shareholders, each intending to sell 31.9 lakh shares.
Key Details:
Book Running Lead Manager: Pantomath Capital Advisors
Registrar to the Offer: KFin Technologies
Investors can bid in this IPO in multiples of 110 shares, with retail investors required to invest a minimum of Rs 14,960.
The allotment of shares is expected on June 6, with the refund process commencing on June 7. The IPO is likely to be listed on the NSE and BSE on June 10.
About Kronox Lab Sciences:
Based in Gujarat, Kronox Lab Sciences specializes in manufacturing high purity specialty fine chemicals catering to various industries such as pharmaceuticals, agrochemicals, personal care, metal refinery, and animal health products.
Offering a diverse range of over 185 products, including phosphates, sulfates, acetates, chlorides, and more, the company serves customers in India and over 20 countries worldwide.
