Kross Limited Makes Muted Debut; Shares list at ₹240
Kross Limited made a flat debut on the bourses by listing at a price of ₹240 a share on the BSE and the NSE. However, it received decent response from the investors.
Listing at a price of ₹240 apiece on the BSE and the NSE, shares of Kross Limited made a muted start in the bourses on September 16. Shockingly the listing missed its grey market estimates where the shares were trading at 10% premium. However, the 500-crore IPO received decent response from investors as it was subscribed 16 times in 3 days.
Exceeding the prescribed limit, Retail Institutional Investors (RIIs) subscribed the IPO by 10.53 times while non-institutional investors (NIIs) bought over 22 times. Qualified Institutional Buyers (QIBs) oversubscribed the shares by over 23.32 times. Previously, anchor investors bought shares worth ₹150 crore.
How Kross Limited will utilise the raised funds?
The proceeds from the fresh issue will be made towards purchasing machinery and equipment while also utilising these funds towards debt repayment and meeting working capital needs. The company will also apportion some portion of fresh issues towards corporate purposes.
What does the company do?
Previously known as Kross Manufacturers (India) Private Limited, Kross Limited is known for specialising in manufacturing and supplying of trailer axles, suspensions and heavy duty commercial vehicles (M&HCV). Founded in 1991, its product line ranges across axle shifts, companion flanges and tractor components like PTO shafts and front axle spindles.