Kronox Lab Sciences IPO Listing Day Performance

Modest to strong listing for Kronox Lab Sciences in NSE

Kronox Lab Sciences had a modest to strong listing on 10th June 2024, listing at ₹164.95 per share, a premium of 21.29% over the issue price of Rs136 per share. Here is the pre-open price discovery for the Mainboard IPO of Kronox Lab Sciences on the NSE as of 9.59 am.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The mainboard Kronox Lab Sciences IPO was a book built IPO with a price band of ₹129 to ₹136 per share. The price was discovered at the upper end of the band at ₹136 per share after a robust subscription response of over 117X and the anchor allocation also happening at the upper band of ₹136 per share, a day ahead of the IPO opening. On 10th June 2024, the stock of Kronox Lab Sciences listed on the NSE Mainboard segment at a price of ₹164.95 per share, a premium of 21.29% over the IPO issue price of ₹136. For the day, the upper circuit price has been set at ₹173.19 and the lower circuit price has been set at ₹156.70. 

As of 10.05 am, the volumes were 21.77 lakh shares while the turnover (value) was at ₹3,521 lakhs on NSE. The stock has a face value of ₹10 per share and the applicable margin rate is 100.00%. The opening market cap of the stock stands at ₹582.90 crore. The stock will be traded in the BE (book entry) series with only delivery trades permitted, but part of the rolling segment cycle of the NSE.  At 10.05 am, it is trading higher at ₹157.10 per share; which is -4.76% below the listing price. The stock of Kronox Lab Sciences trades with the following symbols; NSE Code (KRONOX), BSE Code (544187), and the shares have been credited to the demat accounts of allottees under the designated ISIN (INE0ATZ01017)

How Kronox Lab Sciences listed on BSE

Here is a quick price discovery summary of Kronox Lab Sciences on the Bombay Stock Exchange (BSE) on the day of listing, 10th June 2024. The pre-IPO period ends at 9.45 am and actual trading on the IPO stock starts at 10.00 am on listing day.

PRE-OPEN ORDER COLLECTION SUMMARY

The Mainboard IPO of Kronox Lab Sciences was a book built IPO priced at the upper end of the band at ₹136 per share. On 10th June 2024, the stock of Kronox Lab Sciences listed on the BSE mainboard segment at a price of ₹165.00 per share, a premium of 21.32% over the IPO issue price of ₹136. For the day, the upper circuit price has been set at ₹173.20 and the lower circuit price has been set at ₹156.75. As of 10.07 am, the volumes were 1.72 lakh shares while the turnover (value) was at ₹275 lakhs on BSE. The stock has a face value of ₹10 per share. The stock will be traded in the trade to trade (T2T) segment of the BSE in T+1 settlement cycle. The market cap of the stock stands at ₹582.16 crore with free float market at ₹104.79 crore. At 10.07 am, it is trading -4.88% lower at ₹156.95 per share.

Kronox Lab Sciences – About the IPO

The stock of Kronox Lab Sciences  has a face value of ₹10 per share and it is a book building issue. The price band for book building is set in the range of ₹129 to ₹136 per share. The IPO of Kronox Lab Sciences will purely be an offer for sale (OFS) with no fresh issue component in the IPO. While a fresh issue tends to bring in fresh funds into the company, it is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership. The offer for sale (OFS) portion of the IPO of Kronox Lab Sciences comprises the sale / offer of 95,70,000 shares (95.70 lakh shares), which at the upper price band of ₹136 per share will translate into an OFS size of ₹130.15 crore. Out of the OFS size of 95.70 lakh shares, 3 promoter shareholders (Joginder Singh Jaswal, Ketan Ramani, and Pritesh Ramani) will offer 31.90 lakh shares each; aggregating to a total OFS size of 95.70 lakh shares. That will constitute the entire IPO size in the case of Kronox Lab Sciences.

Since there is no fresh issue portion in the IPO, the offer for sale (OFS) portion will also double up as the total size of the issue. Thus, the total IPO of Kronox Lab Sciences will comprise of the OFS of 95,70,000 shares (95.70 lakh shares approximately) which at the upper end of the price band of ₹136 per share aggregates to total issue size of ₹130.15 crore. The IPO of Kronox Lab Sciences will be listed on the NSE and the BSE on the IPO mainboard. Being entirely an OFS, no fresh funds come into the company, so the question of utilization of funds does not arise. The company was promoted by Joginder Singh Jaswal, Ketan Ramani, and Pritesh Ramani. The promoter holding prior to the IPO stands at 99.98%, which will get diluted to 74.18% post the IPO, on account of promoters diluting their stake via OFS. The IPO will be lead managed by Pantomath Capital Advisors Private Ltd; while KFIN Technologies Ltd is the IPO registrar.