Kronox Lab Sciences IPO fully subscribed in less than half an hour of opening; led by strong demand from Retail and NII
Monday, June 3, 2024: The Initial Public Offering of Kronox Lab Sciences Limited was fully subscribed in less than half an hour of opening led by strong demand from Retail and NII. Overall the issue was subscribed 11.10 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 13.00 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 1.11 times. The issue kicked off for subscription on Monday, June 3, 2024, and will close on Wednesday, June 5, 2024.
A day before the opening of the issue, Kronox Lab Sciences Ltd raised Rs 39.04 crores from anchor investors. Six foreign and domestic institutions who participated in the anchor were 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.
Company Information
Vadodara based Kronox Lab Sciences (“Kronox” or “Company”), 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, personal care, amongst others. Kronox exports to more than 20 countries with major exports to USA, United Kingdom, Mexico, Australia, Egypt.
The Company has 3 manufacturing facilities and a Research, Development and Testing (“RDT”) laboratory, situated at Vadodara, Gujarat. Additionally, the Company 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.
For Fiscal 2023, Kronox generated a consolidated revenue from operations amounting to ₹. 95.6 crores growing at CAGR of 23.70% over Fiscal 2021 to 2023, EBITDA of ₹ 22.0 crores and EBITDA margin of 23.01% Profit after tax of ₹ 16.6 crores with PAT margin of 17.04%. The Company’s Return on Equity (RoE) and Return on Capital Employed (RoCE) stood at 37.2% and 49.9% respectively for Fiscal 2023.
The table below shows subscription data for all the categories of investors:
KRONOX LAB SCIENCES LIMITED Last updated on 03 Jun 2024 | 05:00:00 PM | ||||
Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
1 | Qualified Institutional Buyers (QIBs) | 19,14,000 | 21,18,820 | 1.11 |
1(a) | Foreign Institutional Investors (FIIs) | - | 11,04,510 | - |
1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | - | 3,080 | - |
1(c) | Mutual Funds | - | - | - |
1(D) | Others | - | 10,11,230 | - |
2 | Non Institutional Investors(NIIS) | 14,35,500 | 2,86,69,080 | 19.97 |
2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 9,57,000 | 1,52,45,340 | 15.93 |
2.1(a) | Corporates | - | 74,030 | - |
2.1(b) | Individuals (Other than RIIs) | - | 1,32,73,480 | - |
2.1(c) | Others | - | 18,97,830 | - |
2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 4,78,500 | 1,34,23,740 | 28.05 |
2.2(a) | Corporates | - | 11,000 | - |
2.2(b) | Individuals (Other than RIIs) | - | 1,23,40,900 | - |
2.2(c) | Others | - | 10,71,840 | - |
3 | Retail Individual Investors (RIIs) | 33,49,500 | 4,35,45,810 | 13.00 |
3(a) | Cut Off | - | 3,96,81,400 | - |
3(b) | Price Bids | - | 38,64,410 | - |
4 | Employee Reserved | - | - | - |
4(a) | Employee (Cut off) | - | - | - |
4(b) | Employee (Price) | - | - | - |
5 | Reservation PortionShareholder | - | - | - |
5(a) | RPS (Cut off) | - | - | - |
5(b) | RPS (Price) | - | - | - |
Total | 66,99,000 | 7,43,33,710 | 11.10 | |
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