Auto parts maker Kross IPO gets subscribed 16.81 times on last day of bid

The initial share sale of auto parts manufacturer Kross Ltd got subscribed 16.81 times on the last day of subscription on Wednesday.

The public offer received bids for 258,021,618 shares against 15,350,877 shares on offer, according to data available with the NSE.

The portion for Qualified Institutional Buyers (QIBs) garnered 23.32 times subscription while the quota for non-institutional investors got subscribed 22.24 times. The Retail Individual Investors (RIIs) part received 10.76 times subscription.

Kross Ltd on Friday said it has mobilised Rs 150 crore from anchor investors.

The Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) aggregating up to Rs 250 crore by the promoters.

The OFS portion consists of equity shares to the tune of up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai.

The issue has a price band of Rs 228-240 per share.

Kross proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes.

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 to the issue. The equity shares are proposed to be listed on the BSE and NSE.