Kross IPO Day 2: GMP holds at 20%; should you park your money here?
Source: Business Standard
Kross IPO Day 2: The public issue of Kross continues to receive strong demand from investors for the second day since its opening. NSE data reveals that the Kross IPO has received bids for 1,99,44,594 shares against 1,53,50,877 shares offered, thus getting subscribed 1.30 times, till around 11.06 am on Tuesday. Retail Individual Investors (RIIs) placed the highest bid of 2.16 times, followed by Non-Institutional Investors (NIIs) at 1.01 times. However, the issue has not received any participation from Qualified Institutional Buyers (QIBs).
Adding to the buzz, the unlisted shares of Kross are commanding a grey market premium of GMP of Rs 48 or 20 per cent at the upper end of the issue price.
Kfin Technologies is the registrar for the issue, while Equirus Capital is the book-running lead manager.
Kross shares are expected to list on the BSE, and NSE tentatively on Monday, September 16, 2024.
The company will use the net proceeds of the fresh issue for funding capital expenditure requirements towards the purchase of machinery and equipment, as well as for the repayment or prepayment, in full or in part, of certain outstanding borrowings from banks and financial institutions. Kross will use the remaining amount for funding working capital requirements and for general corporate purposes.
About Kross Limited
Kross Limited, formerly known as Kross Manufacturers (India) Private Limited, established in 1991, manufactures and supplies trailer axles and suspensions and a wide range of high-performance forged and precision-machined safety-critical parts for medium and heavy-duty commercial vehicles (M&HCV) and agricultural equipment.
First Published: Sep 10 2024 | 11:55 AM IST
