Kross IPO listing: Shares of Kross Limited made a muted debut on BSE and NSE today on Monday. It got listed at Rs 240 on NSE and BSE. This was the same as its IPO price. The stock got listed at Rs 240 on BSE and NSE against its IPO price of Rs 240 per share. However, after listing, the company’s shares saw a strong rally of 11%. On NSE, the stock rose more than 12% intraday to a high of Rs 269.
The IPO was opened on 9 September
Let us tell you that the IPO of Cross Limited was open for subscription from September 9 to September 11. Its price band was fixed at 228-240 per share. The issue was worth Rs 500 crore. The IPO of vehicle component manufacturer Cross Limited was subscribed 16.81 times on the third and final day of the offering. According to NSE data, bids were placed for 25,80,21,618 shares as against 1,53,50,877 shares offered in the initial share sale. The qualified institutional buyers’ segment received 23.32 times subscription while the non-institutional investors’ portion received 22.24 times subscription. The retail investor category was subscribed 10.76 times. Cross Limited had raised Rs 150 crore from anchor investors.
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what is the detail
The Jamshedpur-based company’s IPO consists of a fresh issue of Rs 250 crore and an offer for sale (OFS) of existing shares worth up to Rs 250 crore by the promoters. Cross Limited, established in 1991, is a company engaged in diversified business. It manufactures and supplies trailer axles and suspension assemblies. The company plans to use the net proceeds raised from the IPO, including capital expenditure for the purchase of machinery and equipment. Additionally, it intends to repay or prepay a portion of its outstanding borrowings from banks and financial institutions.
