SEBI Gives Green Light for Kronox Lab Sciences IPO

19 Apr 2024 , 10:08 AM

Specialty chemicals company Kronox Lab Sciences has received approval from Sebi to proceed with its initial public offering (IPO), according to an update from the capital markets regulator on Thursday.

The proposed IPO comprises an offer-for-sale (OFS) of 96 lakh equity shares by promoters Jogindersingh Jaswal, Ketan Ramani, and Pritesh Ramani. This offer represents up to 26% of the paid-up equity share capital of Kronox Lab Sciences, as stated in the draft red herring prospectus (DRHP).

Having filed preliminary IPO papers with Sebi in January this year, Kronox Lab Sciences received observations from Sebi on April 12, indicating the green light for the public issue.

Based in Vadodara, Kronox is a manufacturer of high-purity speciality fine chemicals used across various industries such as pharmaceutical formulations, biotech, nutraceuticals, personal care, and more. The company boasts three manufacturing facilities and a Research, Development, and Testing (RDT) laboratory in Vadodara, Gujarat.

Moreover, Kronox has acquired land in Dahej, Gujarat, for the establishment of a new manufacturing plant. With over 120 products under different stages of research and development, the company exports to more than 20 countries, with major exports to the USA, the UK, Mexico, Australia, and Egypt, among others.

Pantomath Capital Advisors serves as the sole book-running lead manager for the IPO. The company's equity shares are proposed to be listed on both the BSE and the NSE.