© Reuters.
INDIA – Vadodara-based Kronox Lab Sciences, a producer of high-purity specialty fine chemicals, has filed for an Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI) to raise Rs 150 crore. The proposed public offering is structured to include Rs 45 crore in fresh equity and an Offer for Sale (OFS) by promoters of 78 lakh shares. This strategic move is aimed at bolstering the company’s working capital by Rs 30.4 crore and funding general corporate activities.
Kronox has demonstrated a solid financial performance, reporting a revenue increase of 16.2% to Rs 95.6 crore in FY23, with a net profit of Rs 16.6 crore despite a slight decline in EBITDA margin by 94 basis points. Continuing its growth trajectory into June FY24, the company has maintained its debt-free status, showcasing quarterly profits of Rs 6.38 crore on revenues of Rs 25.95 crore.
The company’s global market presence spans over 20 countries, including key markets like Australia, Egypt, the USA, and the UK, indicating a robust international footprint. The IPO is managed by Pantomath Capital Advisors, with KFin Technologies appointed as the registrar. Promoters Jogindersingh Jaswal and Ketan Ramani each hold a 34.99% stake, while Pritesh Ramani owns 30%, reflecting strong insider confidence as Kronox Lab Sciences prepares for its equity shares’ proposed listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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