Kross Shares Debut Flat Over IPO Price
The IPO was subscribed 16.81 times on the third and final day.
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.
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.
