Kronox Lab Sciences IPO: Allotment status announced; GMP takes more hit

The grey market premium (GMP) of Kronox Lab Sciences has taken another hit, after the company finalized the basis of allotment of its shares. The company has been consistently losing ground in the unofficial market despite a stellar bidding from the investors across all categories during the three-day bidding process.
 

Grey market premium (GMP) of Kronox Labs has seen a sharp correction amid the rising volatility in the listed markets. Last heard, the company was commanding a premium of Rs 30 per share, suggesting a listing pop of around 22 per cent for the investors. However, it was around Rs 40-45 apiece about a day ago and at Rs 80-85, when the bidding for the issue kicked off.
 

Allotment Status
Kronox Lab Sciences was scheduled to finalize the basis of allotment on Thursday and bidders are getting the messages, alerts or emails for debit of their funds or revocations of their IPO mandate. Those who have not received notifications for the same, can verify their status either through websites of BSE or Kfint Technologies, the registrar for the issue.
 

Investors, who had bid for the issue of Kronox Lab Sciences, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Kronox Lab Sciences Ltd in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit submit
 

Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
 

1) Go to the web portal of KFin Technologies Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.
 

IPO details and subscription status
The Kronox Lab Sciences offered its shares in the fixed price band of Rs 129-136 per share with a lot size of 110 shares. The IPO of Vadodara-based specialty chemical firm was open for bidding between June 03 and June 05. It raised a little more than Rs 130.15 crore via its primary offering, which was entirely an offer for sale of 95.70 lakh equity shares.
 

The issue saw robust bidding, especially on the third and last day, which led to an overall subscription of 118.22 times. The quota for qualified institutional bidders (QIBs) was booked 89.03 times, while the quota for non-institutional investors was subscribed a whopping 302.99 times. The portion reserved for retail investors saw bidding for 55.72 times.
 

Kronox Lab Sciences is a manufacturer of high-purity specialty fine chemicals for diverse end-user industries. Its high purity specialty fine chemicals are used in various industries including manufacturing APIs, pharma formulations, scientific research, nutraceuticals, biotech, agrochemical, personal care , metal refineries, and animal health care.
 

Brokerage firms were mostly positive on the back of sound fundamentals, strong moats, positioning for the growth opportunities and solid relationships with customers across the globe. Pantomath Capital Advisors is the sole book running lead manager of the Kronox Lab Sciences IPO. Shares of the company shall be listed on both BSE and NSE on Monday, June 10.
 

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.