Kross IPO subscribed 62% on Day 1

9 Sep 2024 , 03:05 PM

Kross Ltd launched its initial public offering (IPO) on Monday, September 9. The company is offering its shares for Rs 228-240 each. Investors can apply for a minimum of 62 equity shares and multiples thereof. The IPO will conclude for bids on Wednesday, September 11.

Kross Ltd, previously known as Kross Manufacturers (India), was founded in 1991. It manufactures and provides 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 (M&HCV) and agricultural equipment.

Kross’ Rs 500 crore IPO includes a fresh share sale of Rs 250 crore and an offer-for-sale (OFS) of up to 1.04 lakh shares valued at Rs 250 crore by its promoters. The net proceeds from the new issuance will be used to fund capital expenditures, debt repayment, working capital requirements, and general business purposes.

Kross’ product line includes axle shafts, companion flanges, anti-roll bars and stabiliser bar assemblies, suspension linkages, differential spiders, bevel gears, planet carriers, inter-axle kits, rear-end spindles, pole wheels and a wide range of tractor components for hydraulic lifts, power take-off (PTO) shafts and front axle spindles.

As of 15:03 p.m, Non-Institutional Investors subscribed to 33% of their allotted segment while Retail segment of the IPO was subscribed 1.10 times. The QIB portion had received 5,952 bids.

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