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Kronox Lab Sciences Ltd IPO
Status:
Overview
IPO date
03 Jun 2024 to 05 Jun 2024
Face value
₹ 0 per share
Price
₹ 129 to ₹136 per share
Issue Size
9,570,000 shares
(aggregating up to ₹ 130.15 Cr)
(aggregating up to ₹ 130.15 Cr)
Allotment Date
06 Jun 2024
Listing at
NSE
Issue type
Book Building
Sector
Objectives of Kronox Lab Sciences Ltd IPO
Initial public offering of 95,70,000* equity shares of face value of Rs. 10 each ("Equity Shares") of Kronox Lab Sciences Limited ("The Company" or "Issuer") for cash at a price of Rs. 136 per equity share (including a premium of Rs. 126 per equity share) ("Offer Price") aggregating to
Rs. 130.15 crores ("Offer"). The offer comprises an offer for sale of 31,90,000* equity shares aggregating to Rs. 43.38 crores by Jogindersingh Jaswal, 31,90,000* equity shares aggregating to Rs. 43.38 crores by Ketan Ramani and 31,90,000* equity shares aggregating to Rs. 43.38 crores by Pritesh Ramani (collectively, "Promoter Selling Shareholders" and such offer for sale by the promoter selling shareholders, "Offer for Sale"). The offer constituted 25.79% of the post-offer paid-up equity share capital of the company.
The offer price is 13.60 times the face value of the equity shares.
*Subject to finalisation of basis of allotment
Kronox Lab Sciences Ltd IPO Strategy
- Expand its product portfolio, increasing the supply of its products to its existing customers and tap new customers in existing and new geographies.
- Expand its capacity for existing products and diversifying into new products by setting up a new manufacturing facility.
- Explore newer applications for its existing products and developing new products that are in synergy with its current and future operations.
- Focus on import substitution and increasing exports.
- Improve cost management and operational efficiencies.
About Kronox Lab Sciences Ltd
Kronox Lab Sciences Limited was incorporated on November 18, 2008 as 'Kronox Lab Sciences Private Limited', a Private Limited Company, dated November 18, 2008 issued by the Assistant Registrar of Companies, Gujarat. Subsequently, Company converted into a Public Limited Company and a fresh Certificate of Incorporation dated June 11, 2019 was issued by the Registrar of Companies, Ahmedabad, recording the change in name of Company to 'Kronox Lab Sciences Limited'.
The Company began its journey in the year 2009, by opening the manufacturing of High Purity Speciality Fine Chemicals at Unit I. It expanded Unit I for manufacturing of High Purity Speciality Fine Chemicals used in pharmaceutical and nutraceutical industries in 2011. Further, it started manufacturing High Purity Speciality Fine Chemicals to solar industries. Along with factory shed, it commenced operations at Unit II in 2015 and started manufacturing of products at Unit II in 2019.
The Company manufacture High Purity Speciality Fine and Inorganic Chemicals, Metallic and Phosphate Chemicals for diversified end user industries. Their High Purity Speciality Fine Chemicals are used mainly as (i) reacting agents and raw material in the manufacturing of Active Pharmaceutical Ingredients (APIs); (ii) excipients in pharmaceutical formulations; (iii) reagents for scientific research and laboratory testing; (iv) ingredients in nutraceuticals formulations; (v) process intermediates and fermenting agents in biotech applications; (vi) ingredients in agrochemical formulations; (vii) ingredients in personal care products; (viii) refining agents in metal refineries; and (ix) ingredients in animal health products, amongst others.
The Company propose an IPO by raising capital of Rs 45 Cr. Equity Shares through Fresh Issue and by issuing 78,00,000 Equity Shares through Offer for Sale.
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T&C*
Strengths vs Risks of Kronox Lab Sciences Ltd
Know the pros & cons
Strengths
Wide range of products finding applications in diversified end user industries.- Long standing relationships with customers.
- High entry and exit barriers due to long customer approval cycles and strict product standards.
- Focus on R&D and Quality Control.
- Zero debt company with strong and consistent financial performance.
- Strategically located manufacturing facilities providing supply chain efficiencies.
- Experienced Promoters and Senior Management with extensive domain knowledge.
Risks
- The company's products are required to meet domestic and international industry standards. In the event of any deviation from these standards, its products may faces rejection from its customers, which may affect the reputation of the Company.
- If the company fails to execute its strategy to expand its business or the company's production capacity, its business and prospects may be materially and adversely affected.
- Its products are supplied in limited quantities for specific use by application industries. Any reduction in the requirement of its products may result in loss of business and may affect its financial performance and condition.
- Its top 20 products contributed 60.49%, 70.58%, 68.62%, 69.85% and 70.04% of its revenue for the nine months period ended December 31, 2023, December 31, 2022 and the Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. Any change in demand its products of those products could significantly affect its revenues.
- The majority of sale of its products is concentrated in industries viz. Pharmaceuticals and Scientific Research and Laboratory Testing. Any change in demand or change in application or processes by its customers in these industries may lead to loss of revenues and profits.
- Any failure in developing new High Purity Speciality Fine Chemicals may affect its future growth and business.
- Its top 10 customers contributed 45.22%, 53.58%, 50.68%, 56.18% and 56.32% of its revenue for the nine months periods ended December 31, 2023, December 31, 2022 and the Fiscals 2023, 2022 and 2021 respectively. Further, the Company has not entered into any long-term agreements with its customers for purchasing our products. The company is subject to uncertainties in demand and there is no assurance that its customers will continue to purchase its products. This could impact the business and financial performance of the Company.
- The average P/E ratio of its listed industry peers is 67.50 while P/E ratio of the Company is at premium of 31.63 times at the higher price band and 30.00 times at the lower price band.
- The company is dependent on third party transportation and logistics service providers for delivery of its products to its customers as well as raw materials to its Manufacturing Facilities. Any delay in delivery of its products or raw materials or increase in the charges of these entities could adversely affect its business, results of operations and financial condition. The company also may be exposed to the risk of theft, accidents and/or loss of its products in transit.
- The company had a high current ratio for nine months period ended on December 31, 2023 and Fiscals 2023, 2022 and 2021 and its cannot assure you that the company will be able to prudently manage its short term fund requirements and efficiently utilize its high cash reserves in business operations. Consequently, the company may not be able to maintain an optimum level of current ratio in the future.
- Its top 10 suppliers contributed 44.22%, 45.54%, 42.13%, 42.89% and 46.61% of its total purchase for the nine months periods ended December 31, 2023, December 31, 2022 and the Fiscals 2023, 2022 and 2021, respectively. The Company has not entered into long-term agreements for the supply of raw materials with its suppliers. In case of shortage of raw materials or if the company is unable to procure the raw materials from other sources or in timely manner, its may be unable to meet its production schedules for its products and deliver such products to its customers in timely manner, which may adversely affect its customer relations and reputation.
- The Company will not receive any proceeds from the Offer for Sale by the Promoter Selling Shareholder.
- Its Promoters and Promoter Group will continue to retain significant control in the Company after the Offer, which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Its success largely depends upon the services of the company's Directors, Senior Management Personnel and Key Managerial Personnel (KMP) and its ability to attract and retain them. Demand for Senior Management Personnel and Key Managerial Personnel (KMP) in the industry is intense and its inability to attract and retain its Senior Management Personnel and Key Managerial Personnel may affect the operations of the Company.
- The size of the Company is relatively small in terms of revenue from operations when compared with other industry players and listed peers. Further, the company has a negligible market share in the chemical industry. Its inability to successfully implement its growth strategies would result in the Company remaining small compared to other industry players.
- The company may not be able to expand its production capacity and products manufactured at Unit - III as GPCB has restricted any such expansion in the area where its Unit - III is situated i.e. Padra region, near Vadodara, Gujarat due to ground water contamination related issues. The company is therefore limited to the manufacturing of only certain products at its Unit - III that are viable under such restrictions. Hence, there has been a decrease in the capacity utilization for aforementioned periods.
- Its may not be able to achieve the level of purity required by its customer and fail to supply the required product. Its customers may be forced to explore other alternatives by placing orders with its competitors leading to loss of its customers.
- The company may not be able to achieve the level of purity required by its customer and fail to supply the required product. Its customers may be forced to explore other alternatives by placing orders with its competitors leading to loss of its customers.
- Majority of its exports is to the USA out of its total exports. Any significant social, political or economic disruptions in the USA or adverse changes in the trade and tariff policies could disrupt its exports to the USA and may adversely affect the company's business, operations and financial condition.
- The company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- Customer approvals of products in its business take a long time and involve high cost of development. In the event of delay or non-receipt of approval of customers for product may result into loss of its investment and resources in the product development.
- Its business is dependent on its Manufacturing Facilities which are concentrated and located at Vadodara, Gujarat. Any shutdown of operations of its Manufacturing Facilities may have an adverse effect on its business and results of operations.
- The company is subject to certain risks consequent to its operations involving the manufacture, usage and storage of chemical substances.
- Its Group Company viz. P. K. Chlorochem Private Limited and one of its Promoter Group entities viz. Ketan Vinodchandra Ramani (HUF) are engaged in the business of trading in commercial chemicals. This may be a potential source of conflict of interest for us and which may have an adverse effect on its business, financial condition and results of operations.
- The Company has acquired land alongwith factory shed of its Unit I and Unit III from its Promoter Group entities who are related parties. However, there can be no assurance that the company could not have achieved more favourable terms had such transaction not been entered with Promoter Group entities.
- Its business operations requires significant working capital. If the company experience insufficient cash flows to meet required payments on its working capital requirements, there may be an adverse effect on the results of its operations.
- Its may also faces surplus production of a particular product due to various reasons including inaccurate forecasting of customer requirements, which could adversely affect its business, results of operations, financial condition and cash flows.
- Its customers expect it to obtain and maintain certain certifications and any failure by its part to obtain and maintain such certifications may affect its reputation, business, results of operations and financial condition.
- Custom manufacturing requires deep domain knowledge, expertise and understanding of the characteristics of each chemical and its compounds. Its may lose its customers to competitors if the company is not able to provide the product due to lack of domain knowledge and expertise.
- Any failure to protect or enforce its rights to own or use trademarks and brand name and identity could have an adverse effect on its business and competitive position.
- The company failures to accurately forecast and manage inventory could result in an unexpected shortfall and/ or surplus of products, which could harm its business.
- Its inability to respond adequately to increased competition may adversely affect its business, financial condition and results of operations.
- Information relating to installed and actual capacity utilization of its manufacturing facilities is based on various assumptions and estimates and the future production and capacity utilization may vary.
- Its insurance cover may not adequately protect it against all material hazards and accidents. In the event of any accident at its Manufacturing Facilities, the Company may be held liable for damages and penalties which may impact the financials of the Company.
- The company is operating in a manpower intensive industry. Hence, its may faces manpower disruptions and other planned and unplanned outages that could interfere or temporarily disrupt its operations.
- In the event the company fails to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required to operate its business operations, its business and results of operations may be adversely affected.
- Its business may expose it to potential product liability claims and recalls, which could adversely affect its results operation, goodwill and the marketability of the company products.
- Any slowdown in global/domestic demand from its end use industries may have a material adverse impact on the company's business operations.
- Its business and profitability will suffer if the company fails to anticipate rapid changes in customer preferences and the industry on which its focus.
- The company is exposed to the risks of significant breaches of data security, and malfunctions or disruptions of information technology systems.
- Its engage contract labour for carrying out certain business operations and obligations of the contractors may fall upon it in the event of their default.
- Industry information included in this Red Herring Prospectus has been derived from the Research Report on Speciality Fine Chemicals Industry'. The industry report provides only a macroeconomic view of the sector which may or may not be directly related to the Company.
- The Company has in the past entered into related party transactions with its Promoters and Promoter Group members and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on its financial condition and results of operations.
- Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures and are also prohibited by the terms of its financing arrangements.
- The company has undertaken bonus issuance and buy-back of Equity Shares in the past. However, the company cannot assure you that the Company will be able to undertake bonus issuance and buy-back of Equity Shares in the future.
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The IPO opens on 03 Jun 2024 & closes on 05 Jun 2024.
Kronox Lab Sciences Limited was incorporated on November 18, 2008 as 'Kronox Lab Sciences Private Limited', a Private Limited Company, dated November 18, 2008 issued by the Assistant Registrar of Companies, Gujarat. Subsequently, Company converted into a Public Limited Company and a fresh Certificate of Incorporation dated June 11, 2019 was issued by the Registrar of Companies, Ahmedabad, recording the change in name of Company to 'Kronox Lab Sciences Limited'.
The Company began its journey in the year 2009, by opening the manufacturing of High Purity Speciality Fine Chemicals at Unit I. It expanded Unit I for manufacturing of High Purity Speciality Fine Chemicals used in pharmaceutical and nutraceutical industries in 2011. Further, it started manufacturing High Purity Speciality Fine Chemicals to solar industries. Along with factory shed, it commenced operations at Unit II in 2015 and started manufacturing of products at Unit II in 2019.
The Company manufacture High Purity Speciality Fine and Inorganic Chemicals, Metallic and Phosphate Chemicals for diversified end user industries. Their High Purity Speciality Fine Chemicals are used mainly as (i) reacting agents and raw material in the manufacturing of Active Pharmaceutical Ingredients (APIs); (ii) excipients in pharmaceutical formulations; (iii) reagents for scientific research and laboratory testing; (iv) ingredients in nutraceuticals formulations; (v) process intermediates and fermenting agents in biotech applications; (vi) ingredients in agrochemical formulations; (vii) ingredients in personal care products; (viii) refining agents in metal refineries; and (ix) ingredients in animal health products, amongst others.
The Company propose an IPO by raising capital of Rs 45 Cr. Equity Shares through Fresh Issue and by issuing 78,00,000 Equity Shares through Offer for Sale.
Kronox Lab Sciences Ltd IPO will close on 05 Jun 2024.
- Wide range of products finding applications in diversified end user industries.
- Long standing relationships with customers.
- High entry and exit barriers due to long customer approval cycles and strict product standards.
- Focus on R&D and Quality Control.
- Zero debt company with strong and consistent financial performance.
- Strategically located manufacturing facilities providing supply chain efficiencies.
- Experienced Promoters and Senior Management with extensive domain knowledge.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Jogindersingh Jaswal | 12983160 | 34.99 | 9793160 | 26.39 |
| 2 | Ketan Ramani | 12981540 | 34.99 | 9791540 | 26.39 |
| 3 | Pritesh Ramani | 11129580 | 30 | 7939580 | 21.4 |
- The company's products are required to meet domestic and international industry standards. In the event of any deviation from these standards, its products may faces rejection from its customers, which may affect the reputation of the Company.
- If the company fails to execute its strategy to expand its business or the company's production capacity, its business and prospects may be materially and adversely affected.
- Its products are supplied in limited quantities for specific use by application industries. Any reduction in the requirement of its products may result in loss of business and may affect its financial performance and condition.
- Its top 20 products contributed 60.49%, 70.58%, 68.62%, 69.85% and 70.04% of its revenue for the nine months period ended December 31, 2023, December 31, 2022 and the Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. Any change in demand its products of those products could significantly affect its revenues.
- The majority of sale of its products is concentrated in industries viz. Pharmaceuticals and Scientific Research and Laboratory Testing. Any change in demand or change in application or processes by its customers in these industries may lead to loss of revenues and profits.
- Any failure in developing new High Purity Speciality Fine Chemicals may affect its future growth and business.
- Its top 10 customers contributed 45.22%, 53.58%, 50.68%, 56.18% and 56.32% of its revenue for the nine months periods ended December 31, 2023, December 31, 2022 and the Fiscals 2023, 2022 and 2021 respectively. Further, the Company has not entered into any long-term agreements with its customers for purchasing our products. The company is subject to uncertainties in demand and there is no assurance that its customers will continue to purchase its products. This could impact the business and financial performance of the Company.
- The average P/E ratio of its listed industry peers is 67.50 while P/E ratio of the Company is at premium of 31.63 times at the higher price band and 30.00 times at the lower price band.
- The company is dependent on third party transportation and logistics service providers for delivery of its products to its customers as well as raw materials to its Manufacturing Facilities. Any delay in delivery of its products or raw materials or increase in the charges of these entities could adversely affect its business, results of operations and financial condition. The company also may be exposed to the risk of theft, accidents and/or loss of its products in transit.
- The company had a high current ratio for nine months period ended on December 31, 2023 and Fiscals 2023, 2022 and 2021 and its cannot assure you that the company will be able to prudently manage its short term fund requirements and efficiently utilize its high cash reserves in business operations. Consequently, the company may not be able to maintain an optimum level of current ratio in the future.
- Its top 10 suppliers contributed 44.22%, 45.54%, 42.13%, 42.89% and 46.61% of its total purchase for the nine months periods ended December 31, 2023, December 31, 2022 and the Fiscals 2023, 2022 and 2021, respectively. The Company has not entered into long-term agreements for the supply of raw materials with its suppliers. In case of shortage of raw materials or if the company is unable to procure the raw materials from other sources or in timely manner, its may be unable to meet its production schedules for its products and deliver such products to its customers in timely manner, which may adversely affect its customer relations and reputation.
- The Company will not receive any proceeds from the Offer for Sale by the Promoter Selling Shareholder.
- Its Promoters and Promoter Group will continue to retain significant control in the Company after the Offer, which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Its success largely depends upon the services of the company's Directors, Senior Management Personnel and Key Managerial Personnel (KMP) and its ability to attract and retain them. Demand for Senior Management Personnel and Key Managerial Personnel (KMP) in the industry is intense and its inability to attract and retain its Senior Management Personnel and Key Managerial Personnel may affect the operations of the Company.
- The size of the Company is relatively small in terms of revenue from operations when compared with other industry players and listed peers. Further, the company has a negligible market share in the chemical industry. Its inability to successfully implement its growth strategies would result in the Company remaining small compared to other industry players.
- The company may not be able to expand its production capacity and products manufactured at Unit - III as GPCB has restricted any such expansion in the area where its Unit - III is situated i.e. Padra region, near Vadodara, Gujarat due to ground water contamination related issues. The company is therefore limited to the manufacturing of only certain products at its Unit - III that are viable under such restrictions. Hence, there has been a decrease in the capacity utilization for aforementioned periods.
- Its may not be able to achieve the level of purity required by its customer and fail to supply the required product. Its customers may be forced to explore other alternatives by placing orders with its competitors leading to loss of its customers.
- The company may not be able to achieve the level of purity required by its customer and fail to supply the required product. Its customers may be forced to explore other alternatives by placing orders with its competitors leading to loss of its customers.
- Majority of its exports is to the USA out of its total exports. Any significant social, political or economic disruptions in the USA or adverse changes in the trade and tariff policies could disrupt its exports to the USA and may adversely affect the company's business, operations and financial condition.
- The company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- Customer approvals of products in its business take a long time and involve high cost of development. In the event of delay or non-receipt of approval of customers for product may result into loss of its investment and resources in the product development.
- Its business is dependent on its Manufacturing Facilities which are concentrated and located at Vadodara, Gujarat. Any shutdown of operations of its Manufacturing Facilities may have an adverse effect on its business and results of operations.
- The company is subject to certain risks consequent to its operations involving the manufacture, usage and storage of chemical substances.
- Its Group Company viz. P. K. Chlorochem Private Limited and one of its Promoter Group entities viz. Ketan Vinodchandra Ramani (HUF) are engaged in the business of trading in commercial chemicals. This may be a potential source of conflict of interest for us and which may have an adverse effect on its business, financial condition and results of operations.
- The Company has acquired land alongwith factory shed of its Unit I and Unit III from its Promoter Group entities who are related parties. However, there can be no assurance that the company could not have achieved more favourable terms had such transaction not been entered with Promoter Group entities.
- Its business operations requires significant working capital. If the company experience insufficient cash flows to meet required payments on its working capital requirements, there may be an adverse effect on the results of its operations.
- Its may also faces surplus production of a particular product due to various reasons including inaccurate forecasting of customer requirements, which could adversely affect its business, results of operations, financial condition and cash flows.
- Its customers expect it to obtain and maintain certain certifications and any failure by its part to obtain and maintain such certifications may affect its reputation, business, results of operations and financial condition.
- Custom manufacturing requires deep domain knowledge, expertise and understanding of the characteristics of each chemical and its compounds. Its may lose its customers to competitors if the company is not able to provide the product due to lack of domain knowledge and expertise.
- Any failure to protect or enforce its rights to own or use trademarks and brand name and identity could have an adverse effect on its business and competitive position.
- The company failures to accurately forecast and manage inventory could result in an unexpected shortfall and/ or surplus of products, which could harm its business.
- Its inability to respond adequately to increased competition may adversely affect its business, financial condition and results of operations.
- Information relating to installed and actual capacity utilization of its manufacturing facilities is based on various assumptions and estimates and the future production and capacity utilization may vary.
- Its insurance cover may not adequately protect it against all material hazards and accidents. In the event of any accident at its Manufacturing Facilities, the Company may be held liable for damages and penalties which may impact the financials of the Company.
- The company is operating in a manpower intensive industry. Hence, its may faces manpower disruptions and other planned and unplanned outages that could interfere or temporarily disrupt its operations.
- In the event the company fails to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required to operate its business operations, its business and results of operations may be adversely affected.
- Its business may expose it to potential product liability claims and recalls, which could adversely affect its results operation, goodwill and the marketability of the company products.
- Any slowdown in global/domestic demand from its end use industries may have a material adverse impact on the company's business operations.
- Its business and profitability will suffer if the company fails to anticipate rapid changes in customer preferences and the industry on which its focus.
- The company is exposed to the risks of significant breaches of data security, and malfunctions or disruptions of information technology systems.
- Its engage contract labour for carrying out certain business operations and obligations of the contractors may fall upon it in the event of their default.
- Industry information included in this Red Herring Prospectus has been derived from the Research Report on Speciality Fine Chemicals Industry'. The industry report provides only a macroeconomic view of the sector which may or may not be directly related to the Company.
- The Company has in the past entered into related party transactions with its Promoters and Promoter Group members and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on its financial condition and results of operations.
- Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures and are also prohibited by the terms of its financing arrangements.
- The company has undertaken bonus issuance and buy-back of Equity Shares in the past. However, the company cannot assure you that the Company will be able to undertake bonus issuance and buy-back of Equity Shares in the future.
The Issue type of Kronox Lab Sciences Ltd is Book Building.
The minimum application for shares of Kronox Lab Sciences Ltd is 110.
The total shares issue of Kronox Lab Sciences Ltd is 9570000.
Initial public offering of 95,70,000* equity shares of face value of Rs. 10 each ("Equity Shares") of Kronox Lab Sciences Limited ("The Company" or "Issuer") for cash at a price of Rs. 136 per equity share (including a premium of Rs. 126 per equity share) ("Offer Price") aggregating to
Rs. 130.15 crores ("Offer"). The offer comprises an offer for sale of 31,90,000* equity shares aggregating to Rs. 43.38 crores by Jogindersingh Jaswal, 31,90,000* equity shares aggregating to Rs. 43.38 crores by Ketan Ramani and 31,90,000* equity shares aggregating to Rs. 43.38 crores by Pritesh Ramani (collectively, "Promoter Selling Shareholders" and such offer for sale by the promoter selling shareholders, "Offer for Sale"). The offer constituted 25.79% of the post-offer paid-up equity share capital of the company.
The offer price is 13.60 times the face value of the equity shares.
*Subject to finalisation of basis of allotment