Kronox Lab Sciences raises over Rs 39 crore from anchor investors ahead of IPO

Kronox Lab Sciences IPO

Specialty fine chemicals maker Kronox Lab Sciences has mobilised Rs 39.05 crore from six anchor investors on May 31, a day before its IPO opening.

The maiden public issue will open for subscription on June 3 and will close on June 5.

The company informed exchanges that it has finalised the allocation of 28,71,000 equity shares to anchor investors at an issue price of Rs 136 per equity share, the upper end of the price band.

Negen Undiscovered Value Fund is the biggest institutional investor among them, buying Rs 7.57 crore worth of shares, followed by Chanakya Opportunities Fund I and Minerva Emerging Opportunities Fund, which picked up Rs 7.48 crore worth of equity shares each.

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Capri Global Capital, Moneywise Financial Services, and VPK Global Ventures Fund bought Rs 5.5 crore worth of shares each.

Kronox Lab Sciences intends to raise Rs 130.15 crore through the initial public offering of 95.70 lakh equity shares, comprising solely an offer-for-sale by the existing selling shareholders.

The price band for the book-built issue has been fixed at Rs 129-136 per share.

Half of the public issue has been reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.

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This will be the first IPO in the month of June 2024.