Kronox Lab Sciences IPO Debuts With 21% Premium On NSE
Kronox Lab Sciences Rs 130.15 crore IPO closes on 05 June with total subscription of 117.25 times or Rs 10,682.44 crore
The initial public offering (IPO) of Kronox Lab Sciences, which attempted to raise over Rs 130 crore, received 21 per cent premium listing on the bourses.
The IPO listed with 21 per cent premium at Rs 164 against the issue price of Rs 136 on the National Stock Exchange (NSE).
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.
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 consisted exclusively 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.
With the IPO, hitherto promoters’ 100 per cent stake in the company was diluted 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.
