Kronox Lab Sciences IPO makes stellar stock market debut

On June 10, 2024, Kronox Lab Sciences, a company specializing in fine chemicals, had an outstanding debut on the stock market. Investors eagerly watched as the company's stock soared to impressive heights.

At the start of trading on the National Stock Exchange (NSE), Kronox Lab Sciences' stock opened at an impressive ₹164.95, marking a significant 21 percent increase over its IPO price of ₹136

Similarly, on the Bombay Stock Exchange (BSE), the stock debuted at ₹165, representing a remarkable 21.32 percent jump, equivalent to ₹29, from its initial public offering price.

During the first week of June, Kronox Lab Sciences launched its IPO, aiming to raise ₹130.15 crore from investors.

The IPO was priced between ₹129 and ₹136 per share. The response from investors exceeded all expectations, with subscription levels reaching unprecedented heights.

Over the course of three days, bids poured in, surpassing the company's available shares by a staggering 117.25 times. Investors bid for 98.54 crore shares, far surpassing the 95.70 lakh shares initially on offer.

Interest in Kronox Lab Sciences was widespread across all investor segments.

Non-Institutional Investors (NII) showed exceptional enthusiasm, oversubscribing by an astounding 301.92 times, while Qualified Institutional Buyers (QIB) followed closely behind with an impressive 89.03 times oversubscription.

Even retail investors demonstrated significant interest, subscribing 52.24 times over their allocated shares.

The remarkable debut of Kronox Lab Sciences on June 10 was not only a reflection of investor excitement but also a testament to the company's strong fundamentals and promising future prospects.

Leading up to the listing, market speculations, particularly in the grey market, hinted at a premium ranging from 22 to 30 percent, further fueling anticipation and excitement among investors.