Speciality chemicals company Kronox Lab Sciences has received SEBI's go ahead to raise funds through an initial public offering, an update with the capital markets regulator showed on Thursday. As per market sources, the estimated IPO size is Rs 150 crore.
The proposed offer comprises an offer for sale of 96 lakh equity shares by promoters, according to the draft red herring prospectus.
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.
Vadodara-based Kronox is a manufacturer of high-purity specialty fine chemicals. Its products find application in a wide spectrum of industries for diversified uses such as pharmaceutical formulations, active pharmaceutical ingredients, biotech, scientific research and testing, nutraceuticals, personal care, agrochemicals, animal health, metallurgy, amongst others.
The company exports to more than 20 countries with major exports to the USA, the UK, Mexico, Australia, and Egypt, among others.
Pantomath Capital Advisors Private Ltd is the sole book-running lead manager. The company's equity shares are proposed to be listed on the BSE and the NSE.
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