Kross shares make a muted stock market debut; stock lists at issue price of Rs 240

Shares of Kross Ltd made a flat debut at Dalal Street on Monday as the industrial products player was listed at Rs 240 on NSE, which is the issue price for the issue Similarly, the stock kicked off its maiden trading session at par on BSE too, that is, on the issue price of Rs 240 itself.
 

The listing has been on below the expecated lines. Ahead of listing, shares of Kross Ltd were commanding a grey market premium (GMP) of Rs 24-25 per share, suggesting a listing pop of around 10 per cent for the investors. However, it was commanding a premium of Rs 38-40 in the unofficial market, when its allotment was announced.
 

The IPO of Kross was open for bidding between September 9-11. The Jamshedpur-based company had offered its shares in the fixed price band of Rs 228-240 per share with a lot size of 62 shares. The company raised Rs 500 crore via its primary offering, which included a fresh share sale of Rs 250 crore and an offer-for-sale (OFS) of up to 1.04 crore equity shares
 

The issue saw a solid bidding and was overall subscribed 16.81 times. The quota for qualified institutional bidders (QIBs) was booked 23.32 times The quota for non-institutional investors was subscribed 22.24 times, while the portion reserved for retail investors saw bidding for 10.75 during the bidding process.
 

Established in 1991, Kross Ltd was formerly known as Kross Manufacturers (India). It manufactures and supplies trailer axles and suspensions and a wide range of high-performance forged and precision machined safety critical parts for medium and heavy-duty commercial vehicles (M&HCV) and agricultural equipment.
 

Brokerages were mostly positive on the issue suggesting investors to subscribe to it for a long term. Equirus Capital served as the soler book running lead manager of the Kross IPO, while Kfin Technologies was appointed as the registrar for the issue.