Kronox Lab Sciences IPO soars 21% on market debut

Shares of Kronox Lab Sciences were listed on Monday at a premium of over 21 per cent against the issue price of Rs 136.

The stock started the trade at Rs 165, up 21.32 per cent on the BSE from the issue price.

On the NSE, it listed at Rs 164.95, marking a jump of 21.28 per cent.

The company’s market valuation stood at Rs 597.37 crore.

On Wednesday, the closing day of bidding, Kronox Lab Sciences’s initial public offer garnered 117.25 times subscription.

The price range for the offer was Rs 129-136 a share.

Vadodara-based Kronox Lab Sciences is the 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, and personal care, among others.

Kronox exports to more than 20 countries, with major exports to the US, the UK, Mexico, Australia, and Egypt.

The company has three manufacturing facilities and a Research, Development, and Testing (RDT) laboratory in Vadodara, Gujarat. Additionally, it has acquired land in Dahej, Gujarat, to set up a new manufacturing plant.