Kross IPO GMP declines by half ahead of Monday listing. Check details

The grey market premium (GMP) on Kross’ shares have reduced by half to Rs 24 from Rs 50 ahead of the listing of the stock on September 16, Monday. This is a 10% premium over the issue price of Rs 240 per share.

The three-day initial public offering (IPO) which ended on September 11 got a strong response from all categories of investors though qualified institutional buyers (QIBs) hold the edge.

The issue was subscribed 16.81 times with the retail category getting booked 10.76 times. The non-institutional investors (NIIs) and qualified institutional buyers (QIBs) booked the issue 22.24 and 23.32 times, respectively.

The allotment of shares and credit to the demat accounts is expected to have been over while the process of refund to those bidders who did not get allotment is also likely done by now.

Investors get shares on a lottery basis and the whole process was supervised by the registrar. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made.

They can check the allotment status through the BSE or by visiting the registrar’s website. Here’s how you can check the status on BSE or even on the registrar’s website.

Firstly, here’s how you can know the status on BSE

Step 1: Visit the BSE Website (https://www.bseindia.com/investors/appli_check.aspx)

Step 2: Please select the issue name, that is the company’s name in the drop down.

Step 3: Enter the application number or PAN number to check the allotment status.

To check the status of Kross IPO allotment through the registrar, which is Link Intime India in this case, kindly follow the below steps.

Step 1: Visit the Kfin Technologies website (https://rtiop.kfintech.com/ipostatus/)

Step 2: Select Kross IPO

Step 3: Enter the PAN details and click search to know the status

Kross IPO proceeds

The IPO proceeds will be used by the management to repay debt and fund future growth which will likely boost earnings growth for the company.

Kross is a prominent manufacturer of a wide range of forged and machined components in India, with a growing export presence globally.

It manufactures a wide range of high performance and safety critical components for the commercial vehicle and tractor segment and operates out of its five manufacturing facilities in Jamshedpur, Jharkhand which are equipped with capabilities to design, develop and manufacture its diverse product portfolio.

The company, which counts Ashok Leyland and Tata International DLT as its key clients, supplies its products to a diversified client base which includes large original equipment manufacturers (OEMs) manufacturing M&HCV and tractors, tier one suppliers to the OEMs in the M&HCV segment, domestic dealers and fabricators for its trailer axle and suspension business.

It has also attracted new customers such as Leax Falun AB, a Sweden based company manufacturing propeller shafts for commercial vehicle OEMs and a Japan based OEM manufacturing commercial vehicles.

For the year ended March 2024, revenue from operations increased 27% year-on-year to Rs 620 crore, while net profit after tax increased 45% to Rs 44.8 crore. Its revenue, EBITDA and PAT has grown at a CAGR of 44.4%, 65.5% and 91.8%, respectively over FY22-24.

Equirus Capital is the sole book running lead manager to the offer.

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