Kross IPO subscribed 9.21 times on Day 3

11 Sep 2024 , 02:56 PM

Kross Ltd.’s initial public offering (IPO), which opened for subscription on Monday, was subscribed 9.21 times so far on Wednesday, the last day of bidding.

Non-Institutional investors drove the highest demand, booking the offer 14.76 times, followed by retail investors, who subscribed 8.15 times. The qualified institutional buyers subscribed 6.96 times their allotted portion.

The Jamshedpur-based company’s Rs 500 crore IPO includes a fresh equity sale of up to Rs 250 crore and an offer for sale (OFS) of up to Rs 250 crore by its promoter-selling shareholders.

Sudhir Rai and Anita Rai will sell a portion of their corporate stake as part of the OFS.

The company has set a price band of Rs 228-240 per share, with buyers able to bid for 62 shares in one lot.

The revenues from the IPO will be used by management to repay debt and fund future growth, which is expected to enhance the company’s earnings.

Kross is a leading maker of forged and machined components in India, with a developing global export presence.

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