Kronox Lab Sciences IPO: Issue Subscribed Over 19 Times on Day 2; Check GMP
Kronox Lab Sciences IPO continues to witness overwhelming investor interest, with the subscription reaching over 19 times on Day 2 of the bidding process. As of 2:12 pm on Tuesday, the mainboard IPO has garnered bids for 12,90,41,550 shares, surpassing the 66,99,000 shares on offer.
Kronox Lab Sciences IPO - The retail category has seen a subscription of 20.96 times the total, while the non-institutional investor (NII) category has witnessed a staggering 36.72 times subscription. The Qualified Institutional Buyer (QIB) category has been subscribed 3.20 times.
Kronox Lab Sciences IPO Priced at Rs 129-136 per share, the IPO opened for public subscription on June 3 and will close on June 5. Allotment is expected to be finalized by June 6, with listing scheduled for June 10 on both BSE and NSE.
The Rs 130.15 crore IPO comprises an offer-for-sale (OFS) of up to 95,70,000 shares by promoters Joginder Singh Jaswal, Ketan Ramani, and Pritesh Ramani, with no proceeds going to the company. Kronox Lab Sciences had earlier raised Rs 39.05 crore from six anchor investors.
Latest Grey Market Premium (GMP)
Market observers report that unlisted shares of Kronox Lab Sciences Ltd are trading Rs 65 higher in the grey market compared to the issue price, indicating a 47.79% listing gain expectation.
Analysts remain optimistic due to the company's sound fundamentals, strong market position, and robust customer relationships worldwide. While factors like forex fluctuations, regulatory issues, and geopolitical tensions are noted concerns, analysts at Swastika Investmart and StoxBox have both given a 'Subscribe' rating for the issue.
Kronox Lab Sciences offers a diverse product portfolio with over 185 products catering to various industries. With manufacturing facilities strategically located in Vadodara, Gujarat, close to major seaports, the company is well-positioned for growth.
Disclaimer: This article provides information about the stock market for informational purposes only and should not be considered investment advice. Readers are advised to consult with a qualified financial advisor before making investment decisions."
