New Delhi: Kross Ltd's shares had a lackluster market debut on Monday, opening at the same price of Rs 240 as their initial offering. The stock was listed at Rs 240 on the BSE and NSE. Afterwards, it increased by 10.68 per cent to reach Rs 265.65 on the BSE. On the NSE, the stock price rose by 10.82 percent to reach Rs 265.99.
The market value of the company was Rs 1,679.50 crore. On September 11, the IPO of Kross Ltd was oversubscribed by a factor of 16.81 on its final day of subscription. The price range for the public offer was set at Rs 228-240 per share. The IPO of the company from Jamshedpur consisted of new equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) of up to Rs 250 crore by the promoters.
Kross suggests using the new funds to buy machinery and equipment, pay off debt, and support the company's working capital needs. Moreover, some of the funds will be allocated for general corporate use. Established in 1991, Kross is a versatile company that specializes in producing and providing trailer axle and suspension assembly as well as a variety of forged and precision machined high-performance safety critical components for medium and heavy commercial vehicles and farm equipment sectors.
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