Kronox Lab Sciences Allotment Status

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 6th June 2024 - 09:57 am

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About the Kronox Lab Sciences IPO

The stock of Kronox Lab Sciences has a face value of ₹10 per share and it is a book building issue. The price band for book building is set in the range of ₹129 to ₹136 per share. The IPO of Kronox Lab Sciences will purely be an offer for sale (OFS) with no fresh issue component in the IPO. While a fresh issue tends to bring in fresh funds into the company, it is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership. The offer for sale (OFS) portion of the IPO of Kronox Lab Sciences comprises the sale / offer of 95,70,000 shares (95.70 lakh shares), which at the upper price band of ₹136 per share will translate into an OFS size of ₹130.15 crore. Out of the OFS size of 95.70 lakh shares, 3 promoter shareholders (Joginder Singh Jaswal, Ketan Ramani, and Pritesh Ramani) will offer 31.90 lakh shares each; aggregating to a total OFS size of 95.70 lakh shares. That will constitute the entire IPO size in the case of Kronox Lab Sciences.

Since there is no fresh issue portion in the IPO, the offer for sale (OFS) portion will also double up as the total size of the issue. Thus, the total IPO of Kronox Lab Sciences will comprise of the OFS of 95,70,000 shares (95.70 lakh shares approximately) which at the upper end of the price band of ₹136 per share aggregates to total issue size of ₹130.15 crore. The Kronox Lab Sciences IPO will be listed on the NSE and the BSE on the IPO mainboard. Being entirely an OFS, no fresh funds come into the company, so the question of utilization of funds does not arise. The company was promoted by Joginder Singh Jaswal, Ketan Ramani, and Pritesh Ramani. The promoter holding prior to the IPO stands at 99.98%, which will get diluted to 74.18% post the IPO, on account of promoters diluting their stake via OFS. The IPO will be lead managed by Pantomath Capital Advisors Private Ltd; while KFIN Technologies Ltd will be IPO registrar.

How to check Kronox Lab Sciences ipo allotment status

Allotment status online is an internet facility that is provided by the BSE (formerly Bombay Stock Exchange) and by the registrars on their website. Many of the brokers also provide direct connectivity to the database. However, in the absence of any connectivity, one option you always have is to use one of these options. That means; you can either check your ipo allotment status on the BSE website or the IPO registrar, KFIN Technologies Limited (formerly Karvy Computershare). Here are the steps.

Checking the Kronox Lab Sciences ipo allotment status on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. To access the allotment status on BSE India; click on the IPO allotment link below.

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option
• Under Issue Name – Select Kronox Lab Sciences  from the drop down box
• Enter the Application Number exactly as in the acknowledgement slip
• Enter the PAN (10-digit alphanumeric) number
• Once this is done, you need to click on the Captcha to verify that you are not a robot
•  Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters. There is one more point to note. Even if the company appears in the dropdown, the allotment status will only be available for you to check after the basis of allotment is finalized. So, the company will be available in the drop down just around 06th June 2024.

To complete your checking process, once you click on the SUBMIT button, the allotment status will be displayed on the screen in front of you informing about the number of shares of Kronox Lab Sciences  allotted into your demat account. You can save a screenshot for future reference and for reconciling with the demat credit on 07th June 2024

Checking the allotment status of Kronox Lab Sciences on KFIN Technologies Ltd (Registrar to IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://ris.kfintech.com/ipostatus/

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there is also a way to access this page via the home page of KFIN Technologies Ltd but that pathway is slightly more complex as the website is designed more as a B2B website, so you can avoid that.
Here you are given the choice to select 5 servers viz. Link 1, Link 2, Link 3, Link 4, and Link 5. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 5 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select.

A small thing to remember here. Unlike on the BSE website, where the names of all IPOs are there on the drop-down menu, the registrar will only provide of the IPOs managed by them and where the allotment status is already finalized. Also, with the radio buttons you have a choice. You can either choose to see all IPOs or just recent IPOs. Choose the latter option, as that reduces the length of the list of IPOs you need to search through. Once you click on Recent IPOs, the dropdown will only show the recent active IPOs, so once the allotment status is finalized, you can select Kronox Lab Science from the drop-down box. In this case, the name of Kronox Lab Science will be available on the dropdown from 06th June 2024, once the basis of allotment is finalized.

There are 3 options. You can either query the allotment status based on Application Number or Demat Account (DPID-Client ID combination) or by PAN.

1) To Query by Application Number, check the appropriate box and follow these steps.

• Enter the Application Number as it is
• Enter the 6-digit Captcha Code
• Click on Submit button
• Allotment Status gets displayed on screen

In the past, the first step was to select Application Type (ASBA or Non-ASBA) before inputting your application number. Now, that step has been done away with.

2) To Query by Demat Account, check the appropriate box and follow these steps.

• Select the depository (NSDL / CDSL)
• Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
• Enter the Client-ID
• In the case of NSDL, the Demat account is 2 strings
• In the case of CDSL, the Demat account is just 1 string
• Enter the 6-digit Captcha Code
• Click on Submit button
• Allotment Status gets displayed on screen

3) To Query by PAN, check the appropriate box and follow these steps.

• Enter the 10-digit PAN number
• It will be available on your PAN card or your last filed tax return copy
• PAN is of 10 characters; sixth to ninth characters are digits and rest are alphabets
• Once you enter the PAN number, Enter the 6-digit numeric Captcha Code
• Click on Submit button
• Allotment status gets displayed on screen

You may note that at times the captcha code may not be clear. You have the choice of toggling for more options in such cases.

It is always advisable to retain a saved screenshot of the allotment status output for future reference. The same can be tallied with the demat account credit subsequently after the demat allotment is completed by the end of 07th June 2024. The demat credit to the extent of shares allotted in the IPO would be visible under (ISIN - INE0ATZ01017) in your demat account mandate provided in the IPO application. Nowadays, the refunds are issued and the demat allocation is also done on the same day, so there is no time lag and you can check both the data points from demat account and bank account on the same day.

What determines the chances of allotment in the IPO?

Broadly, there are 2 factors that determine the chances of an investor in getting an IPO. The first is the number of shares available under each of the categories, depending on which category you choose to invest in. The table below captures the quota for each of the categories as decided by the company in consultation with the BRLMs.

Category of Investors Allocation of shares under IPO
Reservation for Employees  There is no quota that has been reserved for employees
Anchor Allocation 28,71,000 shares (30.00% of the total IPO offer size)
QIB Shares Offered 19,14,000 shares (20.00% of the total IPO offer size)
NII (HNI) Shares Offered 14,35,500 shares (15.00% of the total IPO offer size)
Retail Shares Offered 33,49,500 shares (35.00% of the total IPO offer size)
Total Shares Offered 95,70,000 shares (100.00% of total IPO offer size)

Data Source: Company RHP

In the above table, the anchor portion allotment is already completed a day ahead of the IPO. The subscription for the QIB category above is only for the residual amount, not absorbed by anchors. We now move to the second item that influences allotment and that is the subscription ratio. Here is what the ratio of subscription for each category looks like.

Investor 
Category
Subscription 
(times)
Shares 
Offered
Shares 
bid for
Total Amount 
(₹ in Crore)
Anchor Investors 1.00 28,71,000 28,71,000 39.05
Employee Quota 1.00 0.00 0.00 0.00
QIB Investors 89.03 19,14,000 17,04,09,360 2,317.57
HNIs / NIIs 301.92 14,35,500 43,34,03,740 5,894.29
Retail Investors 54.23 33,49,500 18,16,37,940 2,470.28
Total 117.25 66,99,000 78,54,51,040 10,682.13

Data Source: BSE

As can be seen, greater the oversubscription at 117.25X is fairly high and does lower the chances of allotment. However, one thing to note is that SEBI rules for retail allocation are designed in such a way that maximum number of retail investors get at least the minimum 1 lot allotment. So, applying in the names of all your family members can improve your chances of allotment. In the above case, the oversubscription of the retail portion is relatively modest while that of the HNI portion is at relatively higher level. Hence, the chances of allotment are relatively good for retail, but relatively lower for the HNI / NII category. However, it is always best to await the final answer once the basis of allotment is finalized, and then check the status online based on the modus operandi explained above.

Next Steps in the Kronox Lab Sciences IPO

The issue opened for subscription on 03rd June 2024 and closed for subscription on 05th June 2024 (both days inclusive). The basis of allotment will be finalized on 06th June 2024 and the refunds will be initiated on 07th June 2024. In addition, the demat credits are expected to also happen on 07th June 2024 and the stock will list on 10th June 2024 on the NSE and the BSE. Kronox Lab Sciences will test the appetite for such pharma outsourcing stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 07th June 2024 under ISIN (INE0ATZ01017). 

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting allotment. Normally, higher the subscription ratio, lower the chances of allotment and vice versa. In this case, the subscription levels have been tepid in the retail segment and modestly strong in the HNI / NII segment. Investors in the IPO need to assess their chances of allotment accordingly. The final status will be known once the basis of allotment is finalized and uploaded for you to check. You can apply the above allotment checking process flow after the basis of allotment is finalized.
 

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