Kross Shares Debut Flat Over IPO Price

The IPO was subscribed 16.81 times on the third and final day.

Kross Ltd. is looking to mop up Rs 500 crore through its maiden share sale and was subscribed to 16.81 times on the third and final day. (Source: NSE YT Live stream)

Shares of Kross Ltd. debuted flat on the BSE and on the National Stock Exchange on Monday at Rs 240 per share—the same as the issue price. The company was looking to mop up Rs 500 crore through its maiden share sale. The IPO was subscribed 16.81 times on the third and final day.

The company produces and supplies trailer axles and suspensions, as well as a diverse range of high-performance forged and precision machined safety crucial parts for medium and heavy-duty commercial vehicles and agricultural equipment.

Also Read: Northern Arc Capital, Arkade Developers Among 7 New IPOs This Week; Bajaj Housing Finance Among 13 To List

Kross IPO Subscription Details 

The IPO was subscribed 16.81 on its final day.

  • Institutional investors: 23.32 times.

  • Non-institutional investors: 22.24 times.

  • Retail investors: 10.76 times.

Use Of Proceeds 

The funds will be used largely to repay borrowings and fund future capital expenditures. It would repay approximately Rs 90 crore of debt while funding capex with Rs 70 crore earned from the IPO. The corporation plans to undertake capex to fund the purchase of machinery and equipment.

It will also set aside roughly Rs 30 crore to fund working capital.

Also Read: The FMCG Umbrella Is Expanding Fast, Courtesy Newer Premium Products

Watch LIVE TV , Get Stock Market Updates, Top Business , IPO and Latest News on NDTV Profit.
WRITTEN BY
Neha Aravind
Neha Aravind is a desk writer at NDTV Profit, who covers business and marke... more
GET REGULAR UPDATES