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  1. Kross IPO Day 3: Issue subscribed 9.21 times so far, NIIs & retail investors lead; check key details

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Kross IPO Day 3: Issue subscribed 9.21 times so far, NIIs & retail investors lead; check key details

Upstox

2 min read | Updated on September 11, 2024, 15:03 IST

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SUMMARY

Kross IPO consists of a fresh issuance of shares worth ₹250 crore and an offer-for-sale (OFS) component aggregating up to ₹50 crores by the promoters.

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Founded in 1991, Kross is a diversified player focused on manufacturing and supplying trailer axle and suspension assembly.

The initial public offer of Kross Ltd, an auto parts manufacturer, received 9.21 times subscription so far on the third day of bidding on Wednesday.

According to consolidated NSE data, the initial share sale received bids for 14,13,25,156 shares against 1,53,50,877 shares on offer.

The quota for retail individual investors (RIIs) fetched 8.11 times the subscription, while the category for non-institutional investors attracted 14.76 times the subscription. The Qualified Institutional Buyers (QIBs) part received 6.96 times the subscription.
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Kross Ltd on Friday said it has raised ₹150 crore from anchor investors.

To apply for Kross IPO, CLICK HERE.

The Jamshedpur-based company's IPO consists of a fresh issuance of shares worth ₹250 crore and an offer-for-sale (OFS) component aggregating up to ₹50 crore by the promoters.

Under the OFS, Sudhir Rai is offloading ₹168 crore, and Anita Rai is divesting a stake worth ₹82 crore.

The issue has a price band fixed at ₹228-₹240 per equity share.

Kross proposes to utilise IPO proceeds for the purchase of machinery and equipment, debt repayment, funding the company's working capital requirements and general corporate purposes.

About Kross

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.

Equirus Capital is the sole book-running lead manager for the issue. The equity shares are proposed to be listed on the National Stock Exchange (NSE) and the BSE.

With PTI inputs
To learn more about IPO listings, schedules, and upcoming IPOs, click here.
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