Kross Ltd shares made a flat market debut, listing at Rs 240. However, the stock later surged by over 10%, driven by strong investor interest. The IPO was oversubscribed 16 times.
New Delhi, Sep 16 (PTI) Shares of auto parts manufacturer Kross Ltd made a flat market debut on Monday, listing at par with the issue price of Rs 240.
The stock got listed at Rs 240 on both the BSE and NSE.
Later, it soared 10.68 per cent to Rs 265.65 on the BSE.
At the NSE, the stock surged 10.82 per cent to Rs 265.99.
The company's market valuation stood at Rs 1,679.50 crore.
The initial share sale of Kross Ltd got subscribed 16.81 times on the last day of subscription on September 11.
The public offer had a price band of Rs 228-240 per share.
The Jamshedpur-based company's IPO had 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 proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes.
Founded in 1991, Kross is a diversified player focused on manufacturing and supplying trailer axle and suspension assembly and a wide range of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment segments.
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