The-Vadodara based Kronox Lab Sciences manufactures more than 185 high-purity speciality fine chemicals for industries such as pharmaceuticals and nutraceuticals.

MUMBAI, June 6, 2024: Riding the stock market boom, the Initial Public Offering of Kronox Lab Sciences Limited was fully subscribed in less than half an hour of opening today, led by strong demand from Retail and non-institutional investors. Overall, the issue was subscribed 11.1 times on the first day of bidding.

The issue received bids of 7,43,33,710 shares against the offered 66,99,000 equity shares, at a price band of ₹129-136, according to the data available on the stock exchanges.

Non-Institutional Investors Portion and Retail Portion were subscribed 19.97 times and 13 times respectively/ The Qualified Institutional Buyer Portion was subscribed 1.11 times. The issue is open till June 5.

Kronox Lab Sciences raised Rs 39.04 crores from anchor investors – Money wise Financial Services Private Ltd, Negen Undiscovered Value Fund, Chanakya Opportunities Fund I, VPK Global Ventures Fund- VPK Global Ventures Fund-Scheme I, Capri Global Capital Limited, and Minerva Emerging Opportunities Fund Limited.

Pantomath Capital Advisors Private Limited is the sole book-running lead manager. The Company’s equity shares are proposed to be listed on the BSE and NSE.

The-Vadodara based Kronox Lab Sciences manufactures more than 185 high-purity speciality fine chemicals for industries such as pharmaceuticals, nutraceuticals, biotech, animal health, scientific research, agrochemicals and personal care. It exports to more than 20 countries including the US, UK, Mexico, Australia and Egypt.

It has acquired land at Dahej, Gujarat to set up a new manufacturing plant. The Company has 122 products under various phases of research and development.