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  1. Kronox Lab Sciences shares close 3% lower in debut trade after listing at 21% premium to IPO price

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Kronox Lab Sciences shares close 3% lower in debut trade after listing at 21% premium to IPO price

Upstox

2 min read | Updated on June 10, 2024, 19:11 IST

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SUMMARY

In the first few hours after listing, Kronox Lab Sciences shares rallied further to hit an intraday high of ₹165.6 per share on the NSE. The stock soon pared the gains and traded at an intra-day low of ₹156.7 apiece due to profit booking.

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Kronox Lab Sciences lists at 21% premium, closes lower by 3%

Kronox Lab Sciences lists at 21% premium, closes lower by 3%

Shares of Kronox Lab Sciences closed lower by 3% at ₹159.9 apiece on the NSE after making a decent debut on Monday, June 10.

Kronox Lab Sciences shares listed at a 21% premium to the IPO price at ₹164.95 apiece on the NSE on Monday, compared to the issue price of ₹136 per share.

The stock also made a debut at a 21.32% premium at ₹165 on the BSE.

After a decent listing, Kronox Lab Sciences’ shares surged to an intraday high of ₹165.6 per share on the NSE. The stock soon pared the gains and traded at an intra-day low of ₹156.7 apiece due to profit booking.

The minimum lot size for subscription for Kronox Lab Sciences IPO was 110 shares. The successful bidders would have earned a profit of nearly ₹3,184.5 (₹28.95x110) after the listing of the shares.

Over 37.53 lakh shares of the company changed hands in the debut trade. The traded value of the stock stood at ₹60.51 crore on the NSE. The total market capitalisation of the company stood at ₹593.29 crore at the end of the trading on the first day.

The mainboard public issue opened for subscription on June 3 to raise ₹130.15 crores through an offer for sale of 96 lakh shares.

The Kronox Lab Sciences Ltd IPO price band was set at ₹129 to ₹136 per share. The minimum lot size for bidding for the IPO for retail investors was 110 shares, which translated to a minimum investment of ₹14,960. Kronox Lab Sciences IPO comprised 66.99 lakh shares.

Kronox Lab Sciences IPO closed with an overall subscription of 118.2 times. Demand for Kronox Lab Sciences shares was driven by non-institutional investors (NIIs), as the issue was subscribed 301.92 times in this category.

The issue was subscribed 89.03 times in the qualified institutional bidders (QIBs) category and the retail portion was booked 55.72 times.

Kronox Lab Sciences, incorporated in 2008, is a high-purity speciality chemicals maker. The company plans to achieve the benefits of listing its shares on the exchanges and anticipates that the listing will enhance the company’s visibility and brand image.

To know more about IPOs listing, schedule and upcoming IPOs, click here

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Upstox
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