The last day of bidding, the initial public offer of auto parts manufacturer Kross Ltd. had received 12.48 times as many subscriptions. As of Wednesday.
The first share sale saw bids for 19,15,92,648 shares versus the 1,53,50,877 shares that were offered, per consolidated bid data on the National Stock Exchange.
While the non-institutional investor category attracted 18.53 times the subscription, the retail individual investor (RII) quota brought in 9.10 times the amount. 13.86 times the subscription was received by the Qualified Institutional Buyers (QIBs).
Anchor investors have contributed Rs 150 crore to Kross Ltd., the company announced on Friday.
Price band and IPO size
The IPO of the Jamshedpur-based company consists of an offer-for-sale (OFS) component aggregating up to Rs 50 crore by the promoters and a new issue of shares valued at Rs 250 crore.
Anita Rai is selling a stake worth Rs 82 crore, and Sudhir Rai is offloading Rs 168 crore under the OFS.
The price range for each equity share in the issue is set at Rs 228– Rs 240.
Utilisation of IPO proceeds
The IPO proceeds, according to Kross, will be used for general corporate purposes, debt repayment, working capital requirements, and the acquisition of machinery and equipment.
Book-running Lead manager
For this issue, Equirus Capital is the only book-running lead manager. It is suggested that the equity shares be listed on the BSE and the National Stock Exchange (NSE).
About company
Kross is a diversified player that was founded in 1991 and is primarily focused on producing and supplying trailer axle and suspension assemblies as well as a broad range of high-performance safety critical parts that are precision machined and forged for medium and heavy commercial vehicles and the farm equipment market.
