Specialty Chemical The manufacturer, Chronox Lab Sciences, has fixed the price band at Rs 129-136 per share for its initial public offering (IPO) opening on June 3. According to the draft documents filed by the company with market regulator SEBI, the three-day issue will close on June 5. Bidding for large (anchor) investors will open for one day on May 31. In the proposed issue, promoters Joginder Singh Jaswal, Ketan Ramani and Pritesh Ramani are offering for sale (OFS) of 95.7 lakh equity shares held by them. The IPO is trading at a 45 percent premium in the grey market. That is, it can be listed around Rs 200 from the current price.
The company will raise 130 crores from IPO
The company is expected to raise Rs 130.15 crore from the IPO at the upper end of the price range. Vadodara-based Cronox manufactures specialty chemicals. Its products are used in a wide range of industries for diverse uses. Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Novelis Inc to launch IPO in US
Novelis Inc., the US-based arm of Hindalco Industries, will launch an initial public offering (IPO) in the US market to raise $945 million at an equity valuation of $12.6 billion. Around 45 million shares in the proposed public offering will be sold by Novelis Inc.’s sole shareholder, AV Minerals (Netherlands) NV, a wholly-owned subsidiary of Hindalco Industries Ltd. Hence, the company will not receive any proceeds from the sale. Novelis, the world’s largest manufacturer of innovative aluminium products and solutions, has announced a roadshow for the public sale offering of 45 million shares held by its sole shareholder.
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