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20 Nov 2024
Kross Limited IPO And Its GMP
Kross Limited 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.
They are widely recognized as one of the prominent manufacturers of trailer axles and suspension assembly in India. In 2019, the company commenced the manufacture and sale of trailer axle and suspension assemblies and have witnessed robust growth in the past three years (between Fiscal 2020 and Fiscal 2023). They have become one of the fastest-growing players in the organized trailer axle manufacturing industry competing with major trailer axle manufacturers. With over three decades of experience, Kross Ltd. relies on product development capabilities to design and deliver proprietary products such as trailer axles and suspension assembly.
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IPO OVERVIEW:
- Issue Size: ₹500 crore
- ● Fresh Issue: ₹250 crore (1.04 crore shares)
- ● Offer for Sale: ₹250 crore (1.04 crore shares)
- IPO Dates:
- ● Opens: September 9, 2024
- ● Closes: September 11, 2024
- Price Band: ₹228 to ₹240 per share
- Minimum Lot Size: 62 shares
- Book Running Lead Managers: Equirus Capital Private Limited
- Registrar: Kfin Technologies Limited
WHAT IS GMP?
GMP stands for Grey Market Premium, and if you are planning your IPO then GMP plays an important role. A grey market is a place where stocks/shares get traded before getting officially listed on any stock exchange. The difference between the IPO price and the grey market price is known as GMP (grey market premium). GMP is a premium amount paid at which initial public offering (IPO) shares are traded before it is listed on the stock exchanges.
Kross Limited IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 16-09-2024 | 240 | 24.50 (10.21%) | 16-Sep-2024 13:27 |
| 13-09-2024 | 240 | 25.0 (10%) | 13-Sep-2024 12:35 |
| 12-09-2024 | 240 | 50.0 (21%) | 12-Sep-2024 12:45 |
| 11-09-2024 | 240 | 50.0 (21%) | 11-Sep-2024 12:15 |
| 10-09-2024 | 240 | 48.0 (20%) | 10-Sep-2024 12:10 |
| 09-09-2024 | 240 | 48.0 (20%) | 09-Sep-2024 12:25 |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Kross IPO Overview
| Detail | Description |
|---|---|
| IPO Date | September 9, 2024 to September 11, 2024 |
| Listing Date | [.] |
| 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 |
| Shareholding pre issue | 54,092,756 |
| Share holding post issue | 64,509,423 |
Kross IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| 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 |
Kross Limited IPO Lot Size
| 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 |
Kross Limited IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.03% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Kross IPO Promoter Holding
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue |
Company & Financials
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 production facilities are equipped with (i) forging presses and upsetting lines with induction heating for billets, (ii) a foundry with a high-pressure molding line, (iii) high precision machining machines like turning centers, vertical and horizontal milling centers, 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.
Kross Limited Financial Information
| 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 | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.57% |
| ROCE | 28.15% |
| RoNW | 30.57% |
| PAT Margin (%) | 7.22 |
Objectives of Kross IPO
The Company proposes to utilize the Net Proceeds towards funding the following objectives:
- 1. Funding of capital expenditure requirements of the Company towards the purchase of machinery and equipment.
- 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.
- 3. Funding working capital requirements of the Company.
- 4. General corporate purposes.
Kross IPO Review
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 the medium to long term.
FAQs for Kross IPO
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What is the Kross IPO?
Kross IPO is a main-board IPO. The company is going to raise ₹500 Crores via IPO. The issue is priced at ₹228 to ₹240 per equity share. The IPO is to be listed on BSE & NSE.
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When will the Kross IPO open for subscription?
The IPO is to open on September 9, 2024, for QIB, NII, and Retail Investors. The IPO will close on September 11, 2024.
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What is the Kross IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15% and Retail is 35%.
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What is Kross IPO Issue Size?
Kross IPO issue size is ₹500 crores.
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What is the Kross IPO Price Band?
Kross IPO Price Band is ₹228 to ₹240.
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What is Kross IPO Lot Size?
The minimum bid is ₹228 Shares with ₹240 amount.
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What is the Kross IPO Allotment Date?
Kross's IPO allotment date is September 12, 2024.
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What is the Kross IPO Listing Date?
Kross IPO listing date is September 16, 2024. The IPO is to be listed on BSE and NSE.
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What is the current GMP of Kross?
The current GMP of Kross is 24.50 (10.21%).
RHP:
RHP of Kross Limited IPO.
DRHP:
DRHP of Kross Limited IPO.
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What is the Kross IPO?
Kross IPO is a main-board IPO. The company is going to raise ₹500 Crores via IPO. The issue is priced at ₹228 to ₹240 per equity share. The IPO is to be listed on BSE & NSE.
-
When will the Kross IPO open for subscription?
The IPO is to open on September 9, 2024, for QIB, NII, and Retail Investors. The IPO will close on September 11, 2024.
-
What is the Kross IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15% and Retail is 35%.
-
What is Kross IPO Issue Size?
Kross IPO issue size is ₹500 crores.
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What is the Kross IPO Price Band?
Kross IPO Price Band is ₹228 to ₹240.
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What is Kross IPO Lot Size?
The minimum bid is ₹228 Shares with ₹240 amount.
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What is the Kross IPO Allotment Date?
Kross's IPO allotment date is September 12, 2024.
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What is the Kross IPO Listing Date?
Kross IPO listing date is September 16, 2024. The IPO is to be listed on BSE and NSE.
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What is the current GMP of Kross?
The current GMP of Kross is 24.50 (10.21%).
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