Speciality chemicals company Kronox Lab Sciences has received Sebi's go ahead to raise funds through an initial public offering (IPO), an update with the capital markets regulator showed on Thursday.

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The proposed offer comprises an offer for sale (OFS) of 96 lakh equity shares by promoters -- Jogindersingh Jaswal, Ketan Ramani and Pritesh Ramani.

The offer represents up to 26 per cent of the paid-up equity share capital of Kronox Lab Sciences, according to the draft red herring prospectus (DRHP).

The company, which filed preliminary IPO papers with Sebi in January this year, obtained its observations on April 12, the latest update showed.

In Sebi's parlance, obtaining observations means its go ahead to float the public issue.

Vadodara-based Kronox is a manufacturer of high-purity specialty fine chemicals. Its products find application in a wide spectrum of industries for diversified uses such as pharmaceutical formulations, active pharmaceutical ingredients, biotech, scientific research and testing, nutraceuticals, personal care, agrochemicals, animal health, metallurgy, amongst others.

It has three manufacturing facilities and Research, Development and Testing (RDT) laboratory, in Vadodara, Gujarat.

Additionally, the company has acquired land at Dahej, Gujarat, to set up a new manufacturing plant. The company has more than 120 products under various phases of research and development.

The company exports to more than 20 countries with major exports to the USA, the UK, Mexico, Australia, and Egypt, among others.

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