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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 ₹240.00 per share . The lot size for an application is 62. The minimum amount of investment required by an retail is ₹14,136 (62 shares). 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.
| IPO Date | September 9, 2024 to September 11, 2024 |
| Listing Date | September 16, 2024 |
| Face Value | ₹5 per share |
| Issue Price Band | ₹228 to ₹240 per share |
| Issue Price Final | ₹240 per share |
| Lot Size | 62 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,08,33,332 shares (aggregating up to ₹500.00 Cr) |
| Fresh Issue | 1,04,16,666 shares (aggregating up to ₹250.00 Cr) |
| Offer for Sale | 1,04,16,666 shares of ₹5 (aggregating up to ₹250.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 5,40,92,756 shares |
| Share Holding Post Issue | 6,45,09,423 shares |
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, 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 | Maximum 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%) |
Kross IPO raises ₹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 | 62,49,999 |
| Anchor Portion Size (In Cr.) | 150.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 11, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 10, 2024 |
Kross IPO opens on September 9, 2024, and closes on September 11, 2024.
| IPO Open Date | Mon, Sep 9, 2024 |
| IPO Close Date | Wed, Sep 11, 2024 |
| Tentative Allotment | Thu, Sep 12, 2024 |
| Initiation of Refunds | Fri, Sep 13, 2024 |
| Credit of Shares to Demat | Fri, Sep 13, 2024 |
| Tentative Listing Date | Mon, Sep 16, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Sep 11, 2024 |
Investors can bid for a minimum of 62 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 |
| Total Income | 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 ₹1548.23 Cr.
KPI as of Sun, Mar 31, 2024.
| KPI | Values |
|---|---|
| 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 Rs | 8.30 | 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...
| Listing Date | September 16, 2024 |
| BSE Script Code | 544253 |
| NSE Symbol | KROSS |
| ISIN | INE0O6601022 |
| Final Issue Price | ₹240 per share |
| NSE Listing Group | EQ |
| BSE Listing Group | B |
Kross Ltd.
M-4, Phase VI, Gamharia,
Adityapur Industrial Area,
Jamshedpur - 832108
Jamshedpur, Jharkhand
Phone: +91 0657 2203812
Email: investors@krossindia.com
Website: https://www.krosslimited.com/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: krosslimited.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Kross IPO is a main-board IPO of 2,08,33,332 equity shares of the face value of ₹5 aggregating up to ₹500.00 Crores. The issue is priced at ₹240 per share. The minimum order quantity is 62.
The IPO opens on September 9, 2024, and closes on September 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 September 9, 2024 and closes on September 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 Friday, September 13, 2024. Check the Kross IPO allotment status.
The Kross IPO listing date is on Monday, September 16, 2024.
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