The speciality chemical company’s subscription period began on Monday, June 3, and ended on Wednesday, June 5. By the end of the final bidding day, the issue had received a significant response from all three segments: non-institutional investors (NIIs) (301.92 times), qualified institutional buyers (QIBs) (89.03 times), and retail investors (54.23 times). On the third day, Kronox Lab Sciences IPO subscription status was 117.25 times.
Also Read: Kronox Lab Sciences IPO day 3: GMP, review to subscription status. Apply or not?
Half of the issue size was set aside for qualifiedinstitutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Furthermore, investors couldbid for a minimum of 110 stock shares, followed by multiples of 110 equity shares.
Kronox Lab Sciences Limited was founded in 2008 and manufactures specialised fine chemicals of high purity for a variety of end industries. APIs, pharmaceutical formulations, scientific research, nutraceuticals, agrochemical formulations, metal refineries, personal care products, and animal health products are all manufactured by the company. These are only a few applications for its high purity speciality fine chemicals.
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Let’s check what does Kronox Lab Sciences IPO GMP today signal ahead of listing.
Kronox Lab IPO GMP today or grey market premium is +33. This indicates Kronox Lab Sciences share price were trading at a premium of ₹33 in the grey market, according to investorgain.com.
Given the upper end of the IPO price band and the existing premium in the grey market, the Kronox Lab Sciences IPO projected listing price is ₹169 per share, which is 24.26% more than the IPO price of ₹136.
Based on the previous ten sessions of grey market activity, the current GMP ( ₹33) is indicating a downward trend. According to investorgain.com analysts, the lowest GMP is ₹30, and the maximum is ₹82.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
According to Shivani Nyati, Head of Wealth at Swastika Investmart, Kronox Lab Sciences, a maker of high-purity specialised fine chemicals, expects a decent listing despite a recent drop in its grey market premium (GMP) owing to volatile market conditions. While the GMP is presently at ₹33 (about 24% over the issue price), the IPO received a significant 117 times subscription.
Kronox Lab Sciences’ excellent fundamentals, high subscriber rate, and continued significant GMP indicate a good listing. However, given current market volatility, short-term swings are possible.
Kronox Lab Sciences IPO details
There is no fresh issue component to the IPO; there is only an offer-for-sale (OFS) of 95.7 lakh equity shares. As a result, the selling shareholders will get the full issue proceeds.
The OFS’s selling shareholders include the promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani, who are each offloading 31.9 lakh shares.
The book running lead manager for the Kronox Lab Sciences IPO is Pantomath Capital Advisors Pvt Ltd, and the registrar is Kfin Technologies Limited.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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Published: 07 Jun 2024, 04:34 PM IST
