Kronox Lab Sciences IPO Receives Skyrocketing 117.25 Times Subscription

Kronox Lab Sciences' initial public offer saw an overwhelming subscription of 117.25 times on its closing day. The issue received bids for 78.54 million shares against 6.69 million on offer. Non-institutional investors oversubscribed by 301.92 times. The company raised Rs 39.04 crore from anchor investors.

The initial public offer (IPO) of Kronox Lab Sciences saw an overwhelming response, securing 117.25 times subscription by the closing day of bidding on Wednesday. According to NSE data, the IPO received bids for 78,54,49,390 shares against the 66,99,000 shares on offer.

The non-institutional investors' segment garnered an astounding 301.92 times subscription, while the quota for Qualified Institutional Buyers (QIBs) achieved an 89.03 times subscription rate. Retail Individual Investors (RIIs) contributed a 54.23 times subscription.

The IPO includes an offer for sale of up to 95,70,000 equity shares, with a price range set between Rs 129-136 per share. Kronox Lab Sciences also raised Rs 39.04 crore from anchor investors. Pantomath Capital Advisors served as the book-running lead manager for the offer.

Kronox Lab Sciences, based in Vadodara, is a manufacturer of high-purity specialty fine chemicals and boasts a portfolio of over 185 products. The company's products are key components in pharmaceuticals, nutraceuticals, biotech, animal health, scientific research, agrochemicals, and personal care.

The company exports to more than 20 countries, including the US, the UK, Mexico, Australia, and Egypt. It has three manufacturing facilities and a Research, Development and Testing (RDT) laboratory in Vadodara and has acquired land in Dahej, Gujarat, for a new manufacturing plant.