Kross IPO: Issue booked 16.69x on last day of subscription; check latest GMP

The Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) aggregating up to Rs 250 crore by the promoters.

Kross IPO subscription status Day 3: Kross Ltd IPO (initial public offer) was subscribed 16.69 times on the last day of bidding on September 11 amid strong demand for the issue from non-institutional wealthy investors.

The public issue of Kross has got bids for over 25 crore shares against 1.53 crore shares on offer, according to NSE data at 5 pm. The issue has a price band of Rs 228-240 per share,

The quota for Retail Individual Investors (RIIs) garnered 10.53 times subscription while the category for non-institutional investors got subscribed 22.20 times. The Qualified Institutional Buyers (QIBs) part received 23.32 x subscription. Earlier, it mobilised Rs 150 crore from anchor investors.

Kross IPO GMP (grey market premium) has risen to around Rs 45 in the unlisted market on the last day of subscription, showing a premium of nearly 20 percent.

The Jamshedpur-based company's IPO consists of a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) amounting to Rs 250 crore by the promoters. The OFS includes equity shares worth up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai.

Kross intends to use the net proceeds from the fresh issue for the purchase of machinery and equipment, repayment of debt, and to meet the company’s working capital requirements. Additionally, a portion will be allocated for general corporate purposes.

Established in 1991, Kross is a diversified company focused on the manufacturing and supply of trailer axle and suspension assembly, along with a variety of forged and precision-machined high-performance safety-critical parts for medium and heavy commercial vehicles, as well as farm equipment sectors.

Equirus Capital is the sole book-running lead manager for the issue. The equity shares are proposed to be listed on the BSE and NSE.