Shares of Kronox Lab Sciences made a healthy debut on the bourses on June 10 after they listed at Rs 164.95 on the NSE, marking a premium of 21.2 percent over the issue price of Rs 136.
The positive listing for the fine chemicals maker was aligned with market expectations as trends in the grey market had earlier indicated a debut with around 22-30 percent premium for the stock.
Meanwhile, the company's Rs 130-crore public offer had also received a strong response from investors. The public offer was subscribed over 117 times, with NIIs being the frontrunners, bidding 302 times their allotted quota. QIBs bought 89 times while retail investors bid 54.23 times the reserved portion.
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"With the company manufacturing a wide range of chemical products catering to specialized and diverse end-user industries, we believe that the company has distinct competitive advantage in the marketplace owing to long customer approval cycles and strict product standards," Prathamesh Masdekar, research analyst at StoxBox said.
The company also managed to raise Rs 39.05 crore from anchor investors like Negen Undiscovered Value Fund, Chanakya Opportunities Fund I, Minerva Emerging Opportunities Fund, Capri Global Capital, and Moneywise Financial Services.
Also Read | Kronox Lab Sciences may debut with 22-30% premium over IPO price
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