Thu Sep 12 20:57:50 UTC 2024: ## Kross Ltd. IPO Over-Subscribed 16.7 Times, Strong Demand from Retail and Institutional Investors

**Jamshedpur, September 12, 2024** – Kross Ltd., the car parts manufacturer, witnessed an overwhelming response to its initial public offering (IPO), with the issue being oversubscribed 16.7 times by the time the subscription period closed on Wednesday, September 11. The IPO, which aimed to raise Rs 500 crore, received bids for over 25.66 crore shares, significantly exceeding the 1.53 crore shares on offer.

The strong demand was seen across all investor categories. The portion reserved for Retail Individual Investors (RIIs) was oversubscribed 10.6 times, while Non-Institutional Investors (NIIs) bids exceeded the allotted quota by a whopping 22.2 times.

The IPO comprised a fresh issue of 1.04 crore equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) of up to Rs 250 crore through promoter selling. Promoters Sudhir Rai and Anita Rai sold shares worth Rs 168 crore and Rs 82 crore respectively through the OFS.

The company had set the price range at Rs 228-240 per share, with the minimum lot size at 62 shares. The share allotment status is expected to be released on September 12, and refunds and share crediting to demat accounts will commence on September 13. Kross Ltd. is scheduled to list its shares on the BSE and NSE on September 16.

**Grey market premium and expected listing price:**

The Grey market premium (GMP) for Kross IPO is currently at +50, indicating a strong demand for the shares in the secondary market. Based on the upper limit of the IPO price range and the current GMP, the expected listing price is around Rs 290 per share, representing a 20.83% premium over the IPO price.

**Disclaimer:** This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.

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