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Kross IPO is a book built issue of Rs 500.00 crores. The issue is a combination of fresh issue of 1.04 crore shares aggregating to Rs 250.00 crores and offer for sale of 1.04 crore shares aggregating to Rs 250.00 crores.
Kross IPO bidding started from September 9, 2024 and ended on September 11, 2024. The allotment for Kross IPO was finalized on Thursday, September 12, 2024. The shares got listed on BSE, NSE on September 16, 2024.
Kross IPO price band is set at ₹228 to ₹240 per share. The minimum lot size for an application is 62 Shares. The minimum amount of investment required by retail investors is ₹14,880. The minimum lot size investment for sNII is 14 lots (868 shares), amounting to ₹208,320, and for bNII, it is 68 lots (4,216 shares), amounting to ₹1,011,840.
Equirus Capital Private Limited is the book running lead manager of the Kross IPO, while Kfin Technologies Limited is the registrar for the issue.
Refer to Kross IPO RHP for detailed information.
| IPO Date | September 9, 2024 to September 11, 2024 |
| Listing Date | September 16, 2024 |
| Face Value | ₹5 per share |
| Price Band | ₹228 to ₹240 per share |
| Lot Size | 62 Shares |
| Total Issue Size | 20,833,334 shares (aggregating up to ₹500.00 Cr) |
| Fresh Issue | 10,416,667 shares (aggregating up to ₹250.00 Cr) |
| Offer for Sale | 10,416,667 shares of ₹5 (aggregating up to ₹250.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 54,092,756 |
| Share holding post issue | 64,509,423 |
Kross IPO offers 2,08,33,332 shares. 41,66,667 (20%) to QIB, 31,25,000 (15%) to NII, 72,91,666 (35%) to RII and 62,49,999 (30%) to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 62,49,999 (30%) | NA |
| QIB Shares Offered | 41,66,667 (20%) | NA |
| NII (HNI) Shares Offered | 31,25,000 (15%) | |
| bNII > ₹10L | 20,83,534 (10%) | 2,400 |
| sNII < ₹10L | 10,41,466 (5%) | 1,199 |
| Retail Shares Offered | 72,91,666 (35%) | 1,17,607 |
| Total Shares Offered | 2,08,33,332 (100%) |
Kross IPO raises Rs 150.00 crore from anchor investors. Kross IPO Anchor bid date is September 6, 2024. Kross IPO Anchor Investors list
| Bid Date | September 6, 2024 |
| Shares Offered | 6,249,999 |
| Anchor Portion Size (In Cr.) | 150.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 12, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 11, 2024 |
Kross IPO opens on September 9, 2024, and closes on September 11, 2024.
| IPO Open Date | Monday, September 9, 2024 |
| IPO Close Date | Wednesday, September 11, 2024 |
| Basis of Allotment | Thursday, September 12, 2024 |
| Initiation of Refunds | Friday, September 13, 2024 |
| Credit of Shares to Demat | Friday, September 13, 2024 |
| Listing Date | Monday, September 16, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2024 |
Investors can bid for a minimum of 62 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,880 |
| Retail (Max) | 13 | 806 | ₹193,440 |
| S-HNI (Min) | 14 | 868 | ₹208,320 |
| S-HNI (Max) | 67 | 4,154 | ₹996,960 |
| B-HNI (Min) | 68 | 4,216 | ₹1,011,840 |
| Lot Size Calculator | |||
Sudhir Rai and Anita Rai are the promoters of the company.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 67.7 % |
Kross Limited, formerly known as Kross Manufacturers (India) Private Limited, established in 1991, manufactures and supplies trailer axles and suspensions and a wide range of high-performance forged and precision machined safety critical parts for medium and heavy-duty commercial vehicles (M&HCV) and agricultural equipment.
The company's product portfolio includes axle shafts, companion flanges, anti-roll bars and stabilizer bar assembly, suspension linkages, differential spiders, bevel gears, planet carriers, inter-axle kits, rear-end spindles, pole wheels, and a variety of tractor components for the hydraulic lift arrangement, power take-off (PTO) shafts and front axle spindles.
The company supplies its products to major original equipment manufacturers (“OEMs”) that manufacture M&HCVs and tractors, as well as to domestic dealers and trailer axle and suspension manufacturers that supply OEMs in the M&HCV segment.
Kross Limited has five ISO 9001:2015 certified manufacturing facilities in Jamshedpur, Jharkhand, with the capacity to manufacture forgings weighing up to 40 kg. The production facilities are equipped with (i) forging presses and upsetting lines with induction heating for billets, (ii) a foundry with a high-pressure moulding line, (iii) high precision machining machines like turning centers, vertical and horizontal milling centres, Grinding, broaching, hobbing and shaping machines as well as robot welding systems, (iv) an in-house cathodic electro dip painting system (“CED system”), powder coating and spray painting and (v) heat treatment furnaces and induction hardening systems.
As of June 30, 2024, the company had 528 permanent employees.
Kross Limited's revenue increased by 27% and profit after tax (PAT) rose by 45% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |||||||||||||||||||||||||||
| Assets | 352 | 250.57 | 197.82 | |||||||||||||||||||||||||||
| Revenue | 621.46 | 489.36 | 297.88 | |||||||||||||||||||||||||||
| Profit After Tax | 44.88 | 30.93 | 12.17 | |||||||||||||||||||||||||||
| Net Worth | 146.81 | 102.11 | 72.4 | |||||||||||||||||||||||||||
| Reserves and Surplus | 119.76 | 88.58 | 58.88 | |||||||||||||||||||||||||||
| Total Borrowing | 117.9 | 88.26 | 86.06 | |||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||
The market capitalization of Kross IPO is Rs 1548.23 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 30.57% |
| ROCE | 28.15% |
| Debt/Equity | 0.8 |
| RoNW | 30.57% |
| P/BV | 8.84 |
| PAT Margin (%) | 7.22 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.3 | 6.96 |
| P/E (x) | 28.93 | 34.5 |
The Company proposes to utilize the Net Proceeds towards funding the following objects:
[Dilip Davda] The company is a diversified player focused on manufacturing and supply of 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 (“M&HCV”) and farm equipment segments. It has created a niche place in its segment. The company reported steady growth in its top and bottom lines for the reported periods. Based on FY24 earnings, it relatively appears aggressively priced. Well-informed investors may park funds for medium to long term. Read detail review...
The Kross IPO is subscribed 17.66 times on September 11, 2024 6:19:10 PM. The public issue subscribed 11.26 times in the retail category, 24.55 times in the QIB category, and 23.40 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 24.55 |
| NII | 23.40 |
| bNII (bids above ₹10L) | 23.21 |
| sNII (bids below ₹10L) | 23.77 |
| Retail | 11.26 |
| Total | 17.66 |
Total Application : 1,338,438 (11.38 times)
| Listing Date | September 16, 2024 |
| BSE Script Code | 544253 |
| NSE Symbol | KROSS |
| ISIN | INE0O6601022 |
| Final Issue Price | ₹240 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹240.00 |
| ₹240.00 |
| ₹231.80 |
| ₹271.00 |
| ₹259.50 |
| NSE |
|---|
| ₹240.00 |
| ₹240.00 |
| ₹231.96 |
| ₹270.89 |
| ₹259.81 |
Kross Limited
M-4, Phase VI, Gamharia,
Adityapur Industrial Area,
Jamshedpur - 832108
Phone: +91 0657 2203812
Email: investors@krossindia.com
Website: https://www.krosslimited.com/
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: krosslimited.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
Kross IPO is a main-board IPO of 20,833,334 equity shares of the face value of ₹5 aggregating up to ₹500.00 Crores. The issue is priced at ₹228 to ₹240 per share. The minimum order quantity is 62 Shares.
The IPO opens on September 9, 2024, and closes on September 11, 2024.
Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Kross IPO using UPI as a payment gateway. Zerodha customers can apply in Kross IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Kross IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Kross IPO opens on September 9, 2024 and closes on September 11, 2024.
Kross IPO lot size is 62 Shares, and the minimum amount required is ₹14,880.
You can apply in Kross IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Kross IPO will be done on Thursday, September 12, 2024, and the allotted shares will be credited to your demat account by Friday, September 13, 2024. Check the Kross IPO allotment status.
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