Shares of Kronox Lab Sciences on Monday ended with a premium of 18 per cent at ₹159.35 against the issue price of ₹136 on the BSE. The shares were listed at ₹165, which is also day’s high and hit a low of ₹156.80 during the day On the NSE, the stock, after listing at ₹164.95, settled at ₹159.90.

The initial public offering of Kronox Lab Sciences saw a strong response, with subscribers subscribing around 117.25 times.

The portion of non-institutional investors was subscribed to 302 times, qualified institutional buyers 89 times, and retail Investors nearly 55 times.

“Kronox Lab Sciences’ listing, while not quite reaching the heights anticipated based on the initial GMP, signifies a decent debut with strong investor interest. However, the lower-than-expected premium and ongoing market volatility highlight the need for a cautious approach. Investors are suggested to hold their position,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Kronox Lab has more than 185 products that are used mainly for applications across pharmaceuticals, nutraceuticals, biotech, animal health, scientific research, agrochemicals, and personal care, among others. Kronox exports to more than 20 countries, with major exports to the US, the UK, Mexico, Australia, and Egypt.

The company has three manufacturing facilities and a Research, Development, and Testing (RDT) laboratory situated in Vadodara, Gujarat. Additionally, the company has acquired land in Dahej, Gujarat, to set up a new manufacturing plant.

Ahead of the IPO, the company raised ₹39.04 crore from anchor investors who included Negen Undiscovered Value Fund, Chanakya Opportunities Fund I, Minerva Emerging Opportunities Fund Ltd, Capri Global Capital, Moneywise Financial Services Ltd, and VPK Global Ventures Fund.

The entire IPO is an offer for sale of 95.70 shares, aggregating to ₹130 crore, by promoter shareholders Jogindersingh Jaswals, Ketan Ramani, and Pritesh Ramani.