Kronox Lab Sciences IPO to open on June 3; sets price band at Rs 129-136/share

New Delhi: Speciality chemical company Kronox Lab Sciences on Wednesday said it has fixed a price band of Rs 129-136 a share for its initial share sale opening for public subscription on June 3.

The three-day initial public offering (IPO) will conclude on June 5 and the bid for anchor investors will open for a day on May 31, according to the Red Herring Prospectus (RHP).

The proposed issue is entirely an offer-for-sale (OFS) of 95.7 lakh equity shares by promoters Jogindersingh Jaswal, Ketan Ramani and Pritesh Ramani.

At the upper end of the price band, the IPO size is estimated to be Rs 130.15 crore.

Vadodara-based Kronox is a manufacturer of speciality fine chemicals. Its products find application in a wide spectrum of industries for diversified uses such as pharmaceutical formulations, active pharmaceutical ingredients, biotech, scientific research and testing, personal care, agrochemicals, animal health, and metallurgy, amongst others.

It has three manufacturing facilities and a Research, Development and Testing (RDT) laboratory in Vadodara, Gujarat. Additionally, the company has acquired land at Dahej, Gujarat to set up a new manufacturing plant. It exports to more than 20 countries with major exports to the US, the UK, Mexico, Australia, and Egypt, among others.

Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Further, investors can bid for a minimum of 110 equity shares and in multiples of 110 equity shares thereafter.

Pantomath Capital Advisors is the sole book-running lead manager. The company's equity shares are proposed to be listed on the BSE and the NSE.