Shares of Tolins Tyres and Kross Ltd. made a tepid debut in the stock market on Monday, September 16. Shares of Tolins Tyres opened for trading at Rs 227, marking a flat start from its initial public offering price of Rs 226. Meanwhile, Kross Ltd. also opened for trading on a flat note at Rs 240, unchanged from the IPO price.
However, both stocks saw buying interest after the listing, with Tolins Tyres rising as much as 5.44 percent from IPO price, to hit an intraday high of Rs 238.30 and Kross shares rose as much as 7.15 per cent to hit an intraday high of Rs 260.
Shares of auto parts maker Kross Ltd traded 16.81 times on the last day of issuance, data from stock exchanges showed. The company sold shares in a price band of Rs 228-240 per share for its Rs 500 crore initial public offering (IPO). IPO ).
The initial share sale opened for public subscription on September 9 and ended on September 11. The Jamshedpur-based company IPO It was a combination of a fresh issue of equity shares worth Rs 250 crore and an offer for sale (OFS) totalling up to Rs 250 crore by the promoters.
The OFS portion consisted of equity shares worth up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai.
Kross proposes to use the net proceeds from the new issue for the purchase of machinery and equipment, the repayment of debts and the financing of the company’s working capital needs. In addition, a portion will be used for general corporate purposes.
On the other hand, Tolins Tyres IPO The issue was subscribed 23.89 times and all categories of investors showed keen interest in it. The portion reserved for qualified institutional buyers was subscribed 25.42 times, the portion reserved for non-institutional investors was subscribed 27.41 times and the portion reserved for retail investors was subscribed 21.52 times.
Tolins Tyres raised Rs 230 crore from the IPO which was a combination of a fresh issue of Rs 200 crore and an offer for sale worth Rs 30 crore. The company sold shares at a price of Rs 215-216 per share.
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