Kross Ltd Shares Surge After Flat Market Debut

Kross Ltd shares debuted at an issue price of Rs 240 on Monday. Despite a flat start, the stock later surged over 10% on both BSE and NSE. The IPO, which was heavily subscribed, will help fund machinery purchases, debt repayment, and working capital needs.

Shares of auto parts manufacturer Kross Ltd made a flat market debut on Monday, listing at par with the issue price of Rs 240.

The stock got listed at Rs 240 on both the BSE and NSE, but later soared by 10.68% to Rs 265.65 on the BSE and 10.82% to Rs 265.99 on the NSE.

The company's market valuation stood at Rs 1,679.50 crore. The IPO had a price band of Rs 228-240 per share and was subscribed 16.81 times on its last day of subscription on September 11. The IPO came with a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale amounting to Rs 250 crore by the promoters.

Kross Ltd, founded in 1991 and based in Jamshedpur, intends to use the raised funds for purchasing machinery and equipment, debt repayment, and meeting working capital needs. Additionally, some proceeds will be allocated for general corporate purposes.

(With inputs from agencies.)