Kronox Lab Sciences IPO Closes With Huge Subscription; Set To List On 10 June
The allotment for the IPO is scheduled on 06 followed by listing on BSE and NSE on Monday, 10 June
The initial public offering (IPO) of Kronox Lab Sciences, which attempted to raise over Rs 130 crore, received a robust response during its public subscription.
Kronox Lab Sciences Rs 130.15 crore IPO opened on 03 June and closed on 05 June with total subscription of 117.25 times or Rs 10,682.44 crore, whereas retail investors subscribed the issue to nearly 55 times.
The allotment for the IPO is scheduled on 06 followed by listing on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Monday, 10 June.
Kronox Lab Sciences IPO consisted of an exclusive offer-for-sale (OFS) component of Rs 130.15 crore or 95,70,000 shares with a price band of Rs 129 to Rs 136 per share.
Pantomath Capital Advisors was the book running lead managers, while Kfin Technologies was the registrar to the issue.
IPO Objectives
Since the issue was exclusively consisted of OFS component, the firm will not receive any proceeds. However, the firm will get benefits on listing in the public market which will enhance the brand’s visibility and provide liquidity to the shareholders.
Currently the promoters owned almost 100 per cent stake in the company which will be reduced to nearly 75 per cent after the listing.
Firm’s Financials
The firm registered revenue of Rs 97.50 crore in FY23, compared to Rs 83.34 crore in FY22.
The firm’s profit after tax (PAT) increased to Rs 16.62 crore in FY23 compared to Rs 13.63 crore loss in FY22.
Overall, revenue and PAT increased by 17 per cent and 22 per cent respectively.
