Kross IPO: What GMP signals as focus shifts on share listing date

Kross IPO: The initial public offering (IPO) of Kross Ltd, the automobile component manufacturer, received decent demand from investors. As the IPO allotment has been finalised, investors look ahead to Kross IPO listing next week.

Kross IPO listing date is set on September 16. The equity shares of Kross Ltd are slated to be listed on both the stock exchanges, BSE and NSE.

Investors who received IPO share allotment, now look out for Kross IPO GMP ahead of listing to gauge the estimated listing price. The trends in the grey market show positive listing for the Kross IPO.

Kross IPO GMP Today

Kross IPO GMP today, or grey market premium today, has dropped to ₹38 per share, according to stock market observers. This means that the Kross shares are trading higher by ₹38 in the grey market than their issue price.

Given the trends in Kross IPO GMP today, and the IPO price band, the estimated Kross share listing price is ₹278 apiece, which is at a premium of 16% to the issue price of ₹240 per share.

Kross IPO Details

The bidding for Kross IPO began on Monday, September 9, and closed on Wednesday, September 11. The IPO allotment was finalized on September 12 and the Kross IPO listing date is September 16. The equity shares of Kross Ltd will be listed on BSE and NSE.

Kross IPO price band was set at ₹228 to ₹240 per share. The company raised ₹500 crore at the upper-end of the price band of the book-built issue which was a combination of fresh issue of 1.04 crore equity shares worth ₹250 crore and a similar amount of offer-for sale (OFS) component.

Kross IPO received strong response from investors as the issue was subscribed 16.81 times in total. The retail category was booked 10.76 times, while the Non-Institutional Investors (NII) segment was subscribed 22.24 times and the Qualified Institutional Buyers (QIBs) portion received 23.32 times subscription.

Equirus Capital Pvt Ltd is the book running lead manager of the Kross IPO, while Kfin Technologies is the IPO registrar.

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