Kross IPO Closes Today

11 Sep 2024 , 12:17 PM

Kross Ltd’s ₹500-Crore IPO is set to close on Wednesday, September 11. At the time of writing on the final day of bidding, the IPO had received 4.59 times subscription. The price band for the IPO is ₹228 – ₹240 per share. 

As of 12:12 pm on the third day of subscription, the Non-Institutional Investors (NII) subscribed 7.16 times, while Retail Individual Investors (RIIs) subscribed 6.09 times. The Qualified Institutional Buyers (QIBs) category received a 0.03 times subscription. The IPO opened for public bidding on September 9 and will conclude on September 11.

Share allotment is expected to be finalized by September 12, with the company’s shares scheduled to be listed on both BSE and NSE by September 16.

The IPO includes a fresh equity issue of ₹250 Crore and an Offer for Sale (OFS) amounting to ₹250 Crore by the company’s promoters. The OFS includes equity shares worth ₹168 Crore by Sudhir Rai and ₹82 Crore by Anita Rai.

Proceeds from the fresh issue will be used for the purchase of new machinery and equipment, repayment of company debt, and working capital requirements.

Founded in 1991, Kross Ltd specializes in the manufacture and supply of trailer axles, suspension assemblies, and high-performance forged and precision-machined parts for medium and heavy commercial vehicles as well as farm equipment.

Investors can place bids for a minimum of 62 equity shares and in multiples of 62 thereafter. Equirus Capital is acting as the sole book-running lead manager for the IPO.