Bookbuilding IPO | ₹500 Cr | Listed at BSE, NSE | Mon, Sep 9, 2024 - Wed, Sep 11, 2024
Kross IPO is a book build issue of ₹500.00 crores. The issue is a combination of fresh issue of 1.04 crore shares aggregating to ₹250.00 crores and offer for sale of 1.04 crore shares aggregating to ₹250.00 crores.
Kross IPO bidding started from Sep 9, 2024 and ended on Sep 11, 2024. The allotment for Kross IPO was finalized on Sep 12, 2024. The shares got listed on BSE, NSE on Sep 16, 2024.
Kross IPO price band is set at ₹240 per share. The lot size for an application is 62. The minimum amount of investment required by an retail is ₹14,880 (62 shares) (based on upper price). The lot size investment for sNII is 14 lots (868 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (4,216 shares), amounting to ₹10,11,840.
Equirus Capital Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Kross IPO RHP for detailed Information.
IPO Open
Mon, Sep 9, 2024
IPO Close
Wed, Sep 11, 2024
Issue Price
₹240 per share
Market Cap (Pre-IPO)
₹1,548.23 Cr
| IPO Date | 9 to 11 Sep, 2024 |
| Listed on | Mon, Sep 16, 2024 |
| Face Value | ₹5 per share |
| Price Band | ₹228 to ₹240 |
| Issue Price | ₹240 per share |
| Lot Size | 62 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,08,33,332 shares (agg. up to ₹500 Cr) |
| Fresh Issue | 1,04,16,666 shares (agg. up to ₹250 Cr) |
| Offer for Sale | 1,04,16,666 shares of ₹5 (agg. up to ₹250 Cr) |
| Share Holding Pre Issue | 5,40,92,756 shares |
| Share Holding Post Issue | 6,45,09,423 shares |
| BSE Script Code / NSE Symbol | 544253 / KROSS |
| ISIN | INE0O6601022 |
Kross IPO offers total 2,08,33,332 shares. Out of which 1,04,16,665 (50.00%) allocated to QIB, 41,66,666 (20.00%) allocated to QIB (Ex- Anchor), 31,25,000 (15.00%) allocated to NII 72,91,667 (35.00%) allocated to RII and 62,49,999 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 1,04,16,665 (50.00%) | NA |
| − Anchor Investor Shares Offered | 62,49,999 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 41,66,666 (20.00%) | NA |
| NII (HNI) Shares Offered | 31,25,000 (15.00%) | NA |
| − bNII > ₹10L | 20,83,334 (10.00%) | 2,400 |
| − sNII < ₹10L | 10,41,666 (5.00%) | 1,200 |
| Retail Shares Offered | 72,91,667 (35.00%) | 1,17,607 |
| Total Shares Offered | 2,08,33,332 (100.00%) |
Investors can bid for a minimum of 62 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,880 |
| Retail (Max) | 13 | 806 | ₹1,93,440 |
| S-HNI (Min) | 14 | 868 | ₹2,08,320 |
| S-HNI (Max) | 67 | 4,154 | ₹9,96,960 |
| B-HNI (Min) | 68 | 4,216 | ₹10,11,840 |
Kross IPO raises ₹150.00 crore from anchor investors. Kross IPO Anchor bid date is September 6, 2024.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Sep 6, 2024 |
| Shares Offered | 62,49,999 |
| Anchor Portion (₹ Cr.) | 150.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Oct 11, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Dec 10, 2024 |
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.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 352.00 | 250.57 | 197.82 |
| Total Income | 621.46 | 489.36 | 297.88 |
| Profit After Tax | 44.88 | 30.93 | 12.17 |
| NET Worth | 146.81 | 102.11 | 72.40 |
| Reserves and Surplus | 119.76 | 88.58 | 58.88 |
| Total Borrowing | 117.90 | 88.26 | 86.06 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of capital expenditure requirements of the Company towards purchase of machinery and equipment | 70.00 |
| 2 | Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company, from banks and financial institutions | 90.00 |
| 3 | Funding working capital requirements of the Company; and | 30.00 |
| 4 | General corporate purposes | 46.19 |
| KPI | Mar 31, 2024 |
|---|---|
| ROE | 30.57% |
| ROCE | 28.15% |
| Debt/Equity | 0.80 |
| RoNW | 30.57% |
| PAT Margin | 7.22% |
| Price to Book Value | 8.84 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 8.30 | 6.96 |
| P/E (x) | 28.93 | 34.5 |
| Promoter Holding | 100% | 67.7% |
| Market Cap | ₹1,548.23 Cr. |
The Kross IPO is subscribed 17.66 times on September 11, 2024 6:19:10 PM (Day 3). The public issue subscribed 11.26 times in the retail category, 24.55 times in the QIB category, and 23.4 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 24.55 | 41,66,667 | 10,22,81,462 |
| NII | 23.4 | 31,25,000 | 7,31,12,818 |
| bNII (bids above ₹10L) | 23.21 | 20,83,534 | 4,83,55,474 |
| sNII (bids below ₹10L) | 23.77 | 10,41,466 | 2,47,57,344 |
| Retail | 11.26 | 72,91,666 | 8,21,07,344 |
| Total | 17.66 | 1,45,83,333 | 25,75,01,624 |
Total Application : 13,38,438
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLM fees and commissions (including underwriting commission, brokerage and selling commission) | 15.70 |
| 2 | Brokerage and Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by RIBs and Brokerage and selling commission and bidding/uploading charges for Members of the Syndicate (including their sub-Syndicate Members), Registered Brokers, RTAs and CDPs (2)(3)(4)(5) | 2.15 |
| 3 | Fees payable to the Registrar to the Offer | 0.10 |
| 4 | Others Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 2.14 |
| 5 | Printing and stationery expenses | 0.27 |
| 6 | Advertising and marketing expenses | 1.65 |
| 7 | Fees payable to legal counsels | 1.38 |
| 8 | Miscellaneous | 4.24 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹240.00 | ₹240.00 |
| Open | ₹240.00 | ₹240.00 |
| Low | ₹231.80 | ₹231.96 |
| High | ₹271.00 | ₹270.89 |
| Last Trade | ₹259.50 | ₹259.81 |
Lead Manager Reports
Kross IPO is a main-board IPO of 2,08,33,332 equity shares of the face value of ₹5 aggregating up to ₹500 Crores. The issue is priced at ₹240 per share. The minimum order quantity is 62.
The IPO opens on Mon, Sep 9, 2024, and closes on Wed, Sep 11, 2024.
Kfin Technologies Ltd. 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 Mon, Sep 9, 2024 and closes on Wed, Sep 11, 2024.
Kross IPO lot size is 62, and the minimum amount required for application is ₹14,880.
You can apply in Kross IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, 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 Fri, Sep 13, 2024. Check the Kross IPO allotment status.
The Kross IPO listing date is on Mon, Sep 16, 2024.
