Business: The CrossOver initial public offering (IPO), which has received an overwhelming response from investors, will be launched tomorrow i.e. tomorrow. The CrossOver will debut on the Indian stock markets on September 16. The allotment of shares for the Cross IPO was completed on Thursday, September 12. Cross Limited shares are trading at a grey market premium of ₹24.50 ahead of listing on BSE and NSE. This means that the implied listing price of the Cross IPO is likely to be £264.5, which is 10.21 per cent higher than the IPO price of £240. It is important to note that the “grey market premium” refers to the willingness of investors to pay more than the offer price.
The Cross-IPO was subscribed 16.81 times on the last day. The demand for shares from qualified institutional buyers (QIBs) was the highest with a subscription ratio of 23.32, followed by 22.24 from non-institutional investors (NIIs) and 10.76 from retail investors. The IPO received applications for 25,80,21,866 shares while 1,53,50,877 shares were available on Wednesday.
Cross IPO Details
The bidding process for the Crossover IPO began on Monday, September 9, and ended on Wednesday, September 11. The distribution of shares was completed on September 12, and the company plans to hit the stock market on September 16. Cross Limited, formerly known as Cross Manufacturing (India), acquired its shares at a price of ₹228 per share in the price range of ₹240 per share. The IPO, which was a combination of a fresh issue of ₹250 crore worth ₹1.04 shares and an offer for sale (OFS) component for the same amount, raised ₹500 crore at the top end of the price range.
