Kross Limited's shares debuted on the stock market with little fanfare. The company had listed at Rs 240, which was also the issue price, on the Bombay Stock Exchange (BSE) on September 16.
The listing entirely ignores estimates from the grey market, where shares were selling for a 10 per cent premium. The stock trading on the grey market, an unofficial ecosystem, well in advance of the offer's subscription opening and continue to do so until the day of listing.
Consolidated bid data
In Kross Ltd.'s Rs 500 crore initial public offering (IPO), over 25.66 crore shares were bid for, according to consolidated bid data on the national stock exchange, with 1,53,50,877 shares available for subscription.
10.6 times were set aside for Retail Individual Investors (RIIs). Out of the 76,75,439 shares that were available for the category, applications for 8.13 crore shares were received, according to consolidated bid data on NSE as of 5:00 pm on September 11, 2024.
The Non-Institutional Investors (NIIs) quota was booked 22.2 times as a result of offers for over 7.3 crore shares, as opposed to the 32,89,474 shares that were put up for bid.
IPO size and structure
On September 9 (Monday), the subscription period for Jamshedpur-based Kross Ltd. opened. The public offer consisted of a new issue of 1.04 crore equity shares valued at Rs 250 crore and an Offer-for-Sale (OFS) with a maximum value of Rs 250 crore through shareholder sales.
Promoter Sudhir Rai sold shares worth Rs 168 crore and Anita Rai sold shares worth Rs 82 crore through the OFS (offer for sale).
Price band of IPO
The company fixed the price range at between Rs 228 and Rs 240 per share. The minimum lot size at the upper price range was 62 shares, or an investment of Rs 14,880.
IPO proceeds utilisation
According to Kross, the IPO proceeds will be utilised for working capital needs, debt repayment, general corporate purposes, and the purchase of machinery and equipment.
