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Kronox Lab Sciences Limited files DRHP for IPO

Posted On: 2023-11-27 20:23:43 (Time Zone: IST)

Vadodara based Kronox Lab Sciences Limited ('Kronox" or "the Company") has filed its Draft Offer Document with SEBI for IPO on Main board. A manufacturer of high purity speciality fine chemicals, Kronox's products find application in a wide spectrum of industries for diversified uses such as pharmaceuticals formulations, active pharmaceutical ingredients, biotech, scientific research and testing, nutraceuticals, personal care, agrochemicals, animal health, metallurgy, amongst others.

An import substitution player, Kronox exports to more than 20 countries with major exports to USA, United Kingdom, Mexico, Australia, Egypt, amongst others. The Company's three (3) manufacturing facilities and Research, Development and Testing ("RDT") laboratory are situated at Padra, Vadodara, Gujarat. The Company has filed its Draft Red Herring Prospectus (DRHP) with SEBI.

Completely debt free business, Kronox works at more than 15% Post tax profit margin. Interestingly, Kronox has a formidable track record of two buy backs and a bonus issue in the previous four financial years.

The Offer with a face value of Rs 10 per equity share consists of a fresh issue of equity shares and an offer-for-sale (OFS) by promoters selling shareholders. As per the DRHP, the proceeds from the fresh issue will be utilised for funding the working capital requirements and general corporate purposes.

For Fiscal 2023, Kronox generated consolidated revenue from operations of Rs. 95.6 crores growing at CAGR of 24% over Fiscal 2021 to 2023. The Company had EBITDA of Rs. 22.0 crores and EBITDA margin of 23.0%. The Company's profit after tax for Fiscal 2023 was Rs. 16.6 crores with PAT margin of 17.0%, growing at CAGR of 31% over Fiscal 2021 to 2023. The Company's Return on Equity (RoE) and Return on Capital Employed (RoCE) were 37.2% and 49.9% respectively for Fiscal 2023. The Company is fully debt free since Fiscal 2021.

Kronox's High Purity Speciality Fine Chemicals portfolio with more than 185 products, are used mainly as reacting agents and raw material in the manufacturing of APIs, excipients in pharmaceutical formulations, reagents for scientific research and laboratory testing, ingredients in nutraceuticals formulations and fermenting agents in biotech applications, amongst others. Additionally, more than 122 products are at various phases of research and developments. The Company has a diversified base of domestic and international customers, serving 625 customers in previous five financial years.

Given the complexity of the research and product development, necessary technical expertise and lengthy and stringent customer qualification processes, Kronox's business model poses significant entry barriers (to new entrants) as well as exit barriers (to existing customers).

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors.

Pantomath Capital Advisors Private Limited is the sole book-running lead manager. Company's equity shares are proposed to be listed on the BSE and NSE.

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