Marking a premium of 21.2 percent over the issue price of Rs 136, 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.
Furthermore, as trends in the gray market had earlier indicated a debut with around 22-30 percent premium for the stock, the positive listing for the fine chemicals maker was aligned with market expectations.
At the same time, the company's INR 130-crore public offer had also received a strong response from investors. With NIIs being the frontrunners, bidding 302 times their allotted quota, the public offer was subscribed over 117 times. Moreover, QIBs bought 89 times, whereas, retail investors bidded 54.23 times the reserved portion.
Prathamesh Masdekar, research analyst at StoxBox stated, "With the company manufacturing a wide range of chemical products catering to specialized and diverse end-user industries, we believe that the company has a distinct competitive advantage in the marketplace owing to long customer approval cycles and strict product standards."
Additionally, Kronox Lab Sciences has also managed to raise INR 39.05 crore from anchor investors like Chanakya Opportunities Fund I, Negen Undiscovered Value Fund, Capri Global Capital, Minerva Emerging Opportunities Fund, and Moneywise Financial Services.
Disclaimer: The outlook and investment advice proposed by experts at Finance Outlook India are their own and not those of the website or its management. We advice readers to check with certified experts before making any investment decisions.
