Kross IPO Allotment Status and Expected Listing Price: Key Details for Investors
The Kross Limited IPO has generated significant interest among investors, with the allotment status now finalized and shares set to debut on the stock exchanges. Here’s a detailed overview of the Kross IPO, including how to check allotment status, subscription figures, and other relevant details.
kross IPO Overview
Kross Limited, a manufacturer specializing in trailer axles and precision-engineered components for commercial vehicles, launched its IPO to raise ₹500 crore. The offering included a fresh issue of ₹250 crore and an offer-for-sale (OFS) component of ₹250 crore. The price band for the IPO was set between ₹228 and ₹240 per share, with a minimum lot size of 62 shares, requiring a minimum investment of ₹14,880.
Subscription Details
The IPO was open for subscription from September 9 to September 11, 2024, and witnessed robust demand, being oversubscribed 16.81 times overall. The breakdown of subscriptions by category is as follows:
- Qualified Institutional Buyers (QIBs): 23.32 times
- Non-Institutional Investors (NIIs): 22.24 times
- Retail Individual Investors (RIIs): 10.76 times
This strong demand reflects investor confidence in Kross Limited’s business model and growth prospects.
Allotment Status
The allotment for the Kross IPO was finalized on September 12, 2024. Investors can check their allotment status through the following methods:
1. BSE Website
- Visit the BSE website.
- Select ‘Equity’ as the issue type.
- Choose ‘Kross Limited’ from the dropdown menu.
- Enter your application number and PAN.
- Complete the captcha and submit to view your status.
2. Kfin Technologies Website
- Go to the Kfin Technologies IPO status page.
- Select ‘Kross Limited’.
- Enter your application number, Demat account number, or PAN.
- Fill in the captcha and click ‘Submit’ to check your allotment.
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Upcoming Listing
Kross Limited’s shares are expected to be listed on both the BSE and NSE on September 16, 2024. The Grey Market Premium (GMP) for Kross shares is currently around ₹50, indicating a potential listing price of approximately ₹290, which suggests a gain of about 20.83% for investors.
Use of Proceeds
The funds raised from the IPO will be utilized for various purposes, including:
- Financing capital expenditures
- Acquiring machinery and equipment
- Repaying existing borrowings
- Supporting working capital needs
- General corporate purposes.
What is the expected listing price for Kross IPO shares
The expected listing price for Kross IPO shares is approximately ₹290. This estimate is based on the upper price band of the IPO, which is ₹240, plus the current Grey Market Premium (GMP) of around ₹50. This indicates a potential gain of about 20.83% for investors upon listing, which is scheduled for September 16, 2024.
What is the expected market performance of Kross IPO shares after listing
Anticipated Listing Gain
Kross Limited’s IPO has generated significant interest, with a Grey Market Premium (GMP) of around ₹50, suggesting an expected listing price of approximately ₹290. This indicates a potential gain of 20.83% from the upper price band of the IPO, which is set between ₹228 and ₹240 per share. Market observers expect this premium to translate into a favorable opening on the listing day, scheduled for September 16, 2024.
Ivestor Sentiment and Subscription Response
The IPO was oversubscribed 16.81 times, with strong demand across different investor categories. Qualified Institutional Buyers (QIBs) subscribed 23.32 times, Non-Institutional Investors (NIIs) 22.24 times, and Retail Individual Investors (RIIs) 10.76 times. This robust demand indicates a healthy appetite for Kross shares, which is likely to support a positive market performance post-listing.
Brokerage Recommendations
Brokerages have generally rated the Kross IPO positively, suggesting a “subscribe for long-term” strategy. Analysts highlight the company’s solid financial performance, consistent growth metrics, and strategic market positioning as factors that could drive long-term value. However, they also caution about potential risks, including high valuations and the cyclical nature of the auto industry.
Market Conditions
The overall market sentiment towards automotive and agricultural equipment components is currently favorable, which may further enhance Kross’s performance after its market debut. Investors are advised to monitor market conditions closely as they could impact the stock’s initial trading performance.
Conclusion
The Kross IPO has attracted considerable interest, and the successful allotment reflects strong investor confidence. As the company prepares for its market debut, investors are encouraged to check their allotment status promptly and stay informed about the upcoming listing date.