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Kross Ltd IPO Day 2: Did You Subscribe?

16 September 20243 mins read by Angel One
On 2nd day of bidding, Kross Ltd IPO subscribed 2.30 times. The public issue subscribed 1.50 times in the retail category and 0.61 times in the NII category.
Kross Ltd IPO Day 2: Did You Subscribe?
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

Kross Ltd’s initial public offering (IPO) opened on Monday, September 9. The company is offering shares priced between ₹228 and ₹240 each. Investors need to apply for at least 62 shares, and they can buy in multiples of 62. The IPO will be open for bidding until Wednesday, September 11.

Kross is launching an IPO worth ₹500 crore, which includes a new share sale of ₹250 crore and an offer-for-sale (OFS) of up to 1.04 crore shares, also worth ₹250 crore, by its promoters. The funds from the new share issue will be used for capital expenditure, paying off debt, working capital needs, and general corporate purposes.

Daily Subscription

On 2nd day of bidding, Kross Ltd IPO subscribed 2.30 times. The public issue subscribed 3.74 times in the retail category, 0.01 times in QIB and 2.41 times in the NII category.

Grey Market Premium

On September 10, Kross shares showed more than 20% grey market premium. The grey market is an unofficial or black market where shares are traded illegally before they are officially listed.

About Kross Ltd

Kross Ltd, previously Kross Manufacturers (India), was founded in 1991. The company makes trailer axles, suspensions, and various high-performance forged and precision parts for medium and heavy-duty commercial vehicles (M&HCVs) and agricultural equipment. The company’s product range includes axle shafts, companion flanges, anti-roll bars, stabiliser bar assemblies, suspension linkages, differential spiders, bevel gears, planet carriers, inter-axle kits, rear-end spindles, pole wheels, and various tractor components like hydraulic lift parts, power take-off (PTO) shafts, and front axle spindles. 

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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