The allotment for Kross Limited IPO is expected to be finalized today. Investors can check their allotment status through the registrar, Kfin Technologies Limited, or the BSE website. The IPO, which was opened for subscription from September 9 to September 11, saw a healthy response from investors, being oversubscribed by 17.66 times. Specifically, the non-institutional investor (NII) segment was oversubscribed 23.40 times, while the retail portion was oversubscribed 11.26 times. The IPO price was set between ₹228 and ₹240 per share.
Given the high level of retail oversubscription, shares will be allocated to retail individual investors (RIIs) on a proportional basis. Those who do not receive an allotment can expect the refund process to start on September 13, 2024.
Shares allotted will be credited to investors' demat accounts on the same day as the refunds. The mainboard IPO is expected to be listed on the BSE and NSE platforms, with a tentative date of September 16, 2024.
The company plans to use the net proceeds from the IPO for several purposes, including funding capital expenditure for purchasing machinery and equipment, repaying or prepaying certain outstanding borrowings, funding working capital requirements, and covering general corporate purposes.
Step 1: Visit the IPO registrar website at this link -https://kosmic.kfintech.com/ipostatus/
Step 2: Choose ‘Kross Limited’ from the ‘Select IPO’ dropdown menu.
Step 3: Select among Application No., Demat Account, or PAN
Step 4: Enter the details using the selected option.
Step 5: Enter the Captcha code and click on Submit.
Your Kross Limited IPO allotment status will be displayed on the screen.
Step 1: Visit the allotment page on BSE's official website:
Step 2: Under ‘Issue Type’, select 'Equity.’
Step 3: Choose the IPO from the ‘Issue Name’ drop-down option.
Step 4: Enter the PAN or application number.
Step 5: Click ‘I am not a robot’ to confirm your identity, then hit the ‘Submit’ button.
Kross is a diversified player focused on manufacturing and supplying trailer axles, suspension assemblies, and a wide range of forged and precision-machined high-performance safety-critical parts for medium and heavy commercial vehicles (M&HCV) and farm equipment segments.
In its DRHP report, the company said that it is widely recognized as one of the prominent manufacturers of trailer axles and suspension assemblies in India. In 2019, the company commenced manufacturing and selling trailer axles and suspension assemblies and has witnessed robust growth over the past three years, between Fiscal 2020 and Fiscal 2023.
With a wide range of high-performance and safety-critical components for the M&HCV and farm equipment segments, the company specializes in manufacturing safety-critical components for the M&HCV segment.
It has established long-term relationships with several large domestic and global OEMs, including Ashok Leyland Limited, a leading Indian automobile OEM, and a major Indian farm equipment OEM, with whom it has been associated for over 18 years. Additionally, it has been associated with Tata International DLT Private Limited since 2019.
Today's grey market premium (GMP) for the Kross IPO is ₹45 per share, suggesting that the shares are likely to list ₹45 above their issue price. With this GMP and an issue price of ₹240 per share, the estimated listing price is around ₹285, reflecting an 18.75 per cent premium over the issue price.
The grey market premium is the difference between an IPO’s issue price and its expected listing price in the unofficial market. It reflects investor sentiment and demand before the stock officially begins trading.
It is important to note that GMP is only a preliminary indicator of the listing price and should not be used as the sole basis for investment decisions.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
