Kronox Lab Sciences gets SEBI’s approval to launch IPO; check details
Upstox
2 min read • Updated: April 22, 2024, 9:26 AM
Summary
Kronox Lab Sciences, which filed IPO papers with Sebi in January, obtained its observations on April 12. In Sebi's parlance, receiving observations means its go ahead to launch the public issue. The proposed offer consists of an offer for sale (OFS) of 96 lakh shares by promoters.
Speciality chemicals firm Kronox Lab Sciences has received regulatory approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to an update from the capital markets regulator.
The proposed offer consists of an offer for sale (OFS) of 96 lakh shares by promoters - Jogindersingh Jaswal, Pritesh Ramani and Ketan Ramani.
As per the draft red herring prospectus (DRHP), the offer represents up to 26% of Kronox Lab Sciences' paid-up equity share capital.
The Vadodara-based company, which filed IPO papers with Sebi in January, obtained its observations on April 12. In Sebi's parlance, receiving observations means its go ahead to launch the public issue.
The book-running lead manager for the proposed offer is Pantomath Capital Advisors Private Ltd. The company intends to list its shares on the National Stock Exchange (NSE) and the BSE.
About Kronox Lab Sciences
Kronox manufactures high-purity specialty fine chemicals. Its products are used in various industries for diversified uses like pharmaceutical formulations, active pharmaceutical ingredients, scientific research and testing, biotech, nutraceuticals, agrochemicals, personal care, metallurgy, and animal health.
The company has three manufacturing plants and a Research, Development and Testing (RDT) laboratory in Vadodara. It has also acquired a parcel of land at Dahej to set up a new manufacturing unit.
The company, which has over 120 products under various phases of RDT, exports its products to more than 20 countries, including the USA, the UK, Australia, Mexico and Egypt.
In FY2023, Kronox's consolidated revenue from operations stood at ₹95.6 crore, reflecting a compound annual growth rate (CAGR) of 23.70% over FY2021. The firm had EBITDA (Earnings before interest, taxes, depreciation, and amortisation) of ₹22 crore with an EBITDA margin of 23.01%. The profit after tax was reported at ₹16.6 crore.
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