Kronox Lab Sciences IPO Oversubscribed by 24.57 Times

New Delhi, Jun 4 (PTI) The initial public offer of Kronox Lab Sciences received 24.57 times subscription on the second day of bidding on Tuesday.

The IPO got bids for 16,45,99,160 shares against 66,99,000 shares on offer, as per NSE data.

The quota for non-institutional investors got subscribed 52.92 times while the category for Retail Individual Investors (RIIs) fetched 24.52 times subscription. The portion for Qualified Institutional Buyers (QIBs) received 3.39 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 IPO is Rs 129-136 a share.

Kronox Lab Sciences has raised Rs 39.04 crore from anchor investors.

Pantomath Capital Advisors is the 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.