Chronox Lab Sciences up 21.2% to Rs 164.95 List: Issue price was Rs 136, the company manufactures specialty chemicals

Chronox Lab Sciences shares were listed on the National Stock Exchange today, up 21.2% at Rs 164.95. The company had fixed the price band of the IPO at ₹129-₹136 per share. Its issue price was Rs 136. Currently, it is trading around Rs 160. The listing of Chronox Lab shares has been done in line with market expectations. This is because grey market trends were already indicating that the stock could be listed with a premium of about 22-30%. Chronox is a specialty chemical manufacturer. The IPO was subscribed more than 117 times The company’s Rs 130 crore IPO was subscribed more than 117 times. NIIs were at the forefront in subscription. They had bid 302 times more than the allotted quota. QIBs had bid 89 times and retail investors had bid 54.23 times. Retail investors could apply for 110 shares Retail investors could apply for a minimum of one lot i.e. 110 shares. As per the upper price band of the IPO of ₹136, they could invest ₹14,960 for 1 lot. At the same time, they could invest a maximum of ₹194,480 for 13 lots i.e. 1430 shares. More than 185 products in the company’s portfolio Cronox’s high purity specialty fine chemicals portfolio has more than 185 products. These are used in pharmaceuticals, nutraceuticals, biotech, animal health, scientific research, agrochemicals, personal care etc. Cronox exports to more than 20 countries including the US, United Kingdom, Mexico, Australia, Egypt. The company has 3 manufacturing facilities and a research, development and testing (“RDT”) lab, which is located in Vadodara. In addition, the company has acquired land in Dahej, Gujarat to set up a new manufacturing plant. The company has 122 products under various stages of research and development.

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