Shares of auto parts manufacturer Kross Ltd made a flat market debut on Monday and later ended with a gain of over 8 per cent against the issue price of Rs 240.

The stock got listed at Rs 240 on both the BSE and NSE.

During the day, it soared 12.91 per cent to Rs 271 on the BSE. It ended at Rs 259.50 apiece, up 8.13 per cent.

On the NSE, the stock surged 12.87 per cent to Rs 270.89 during the day. Shares of the auto parts manufacturer ended at Rs 257.65, a jump of 7.35 per cent.

The company's market valuation stood at Rs 1,674.02 crore.

In terms of volume, 25.91 lakh shares of the firm were traded on the BSE and 248.13 lakh shares on the NSE during the day.

The initial share sale of Kross Ltd got subscribed 16.81 times on the last day of subscription on September 11.

The public offer had a price band of Rs 228-240 per share.

The Jamshedpur-based company's IPO had a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) aggregating up to Rs 250 crore by the promoters.

Kross proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes.

Founded in 1991, Kross is a diversified player focused on manufacturing and supplying trailer axle and suspension assembly and a wide range of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment segments.