Kronox Lab shares jump over nearly 18 pc in debut trade

NewsDrum Desk
New Update

New Delhi, Jun 10 (PTI) Shares of Kronox Lab Sciences on Monday ended with a premium of nearly 18 per cent against the issue price of Rs 136.

The stock started the trade at Rs 165, up 21.32 per cent on the BSE from the issue price. Later, it ended at Rs 159.35, up 17.16 per cent.

On the NSE, it listed at Rs 164.95, marking a jump of 21.28 per cent. The stock settled at Rs 159.90, rallying 17.57 per cent.

The company's market valuation stood at Rs 591.25 crore.

The initial public offer of Kronox Lab Sciences garnered 117.25 times subscription on the closing day of bidding on Wednesday.

The price range for the offer was Rs 129-136 a share.

Vadodara-based Kronox Lab Sciences is the manufacturer of high-purity speciality fine chemicals.

Its high purity speciality fine chemicals portfolio has more than 185 products. The products are used mainly for applications across pharmaceuticals, nutraceuticals, biotech, animal health, scientific research, agrochemicals, and personal care, among others.

Kronox exports to more than 20 countries with major exports to the US, the UK, Mexico, Australia, and Egypt.

The company has three manufacturing facilities and a Research, Development and Testing (RDT) laboratory, situated in Vadodara, Gujarat. Additionally, the company has acquired land in Dahej, Gujarat to set up a new manufacturing plant. PTI SUM DR