Kronox Lab Sciences gets Sebi’s go ahead to float IPO

New Delhi: Speciality chemicals company Kronox Lab Sciences has received Sebi’s go ahead to raise funds through an initial public offering (IPO), an update with the capital markets regulator showed on Thursday.

The proposed offer comprises a fresh issue of equity shares worth Rs 45 crore and an offer for sale (OFS) of 78 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP). As per market sources, the estimated IPO size is Rs 150 crore. The company, which filed preliminary IPO papers with Sebi in January this year, obtained its observations on April 12, the latest update showed. In Sebi’s parlance, obtaining observations means its go ahead to float the public issue. As per the draft papers, proceeds from the fresh issue will be utilised for funding the working capital requirements and general corporate purposes.