Kross Ltd's IPO has been subscribed 2.31 times on the second day of bidding, September 10. According to NSE data, the auto parts manufacturer's initial public offering received bids for 3.54 crore shares, with 1.53 crore shares on sale.
Retail Individual Investors (RIIs) received 3.61 times as many subscriptions as non-institutional investors (2.33 times). Kross Ltd. has raised Rs 150 crore from anchor investors. The issue, which has a price band of Rs 228-240 per share, will close on September 11.
The Jamshedpur-based company's initial public offering (IPO) involves a fresh issue of equity shares for Rs 250 crore, as well as an Offer for Sale (OFS) by the promoters for Rs 250 crore. The OFS part includes equity shares worth up to Rs 168 crore for Sudhir Rai and Rs 82 crore for Anita Rai.
Kross intends to use the net proceeds of the new issuance to purchase machinery and equipment, repay debt, and support the company's working capital requirements. Additionally, a portion of the proceeds will be used for general business reasons.
Kross, founded in 1991, is a diversified company that manufactures and supplies trailer axles, suspension assemblies, and a wide range of forged and precision-machined high-performance safety-critical parts for medium and heavy commercial vehicles, as well as farm equipment. Equirus Capital is the sole book-running lead manager on the issuance. The equity shares are scheduled to be listed on the BSE and NSE.
