Kross IPO Allotment Status Check Online: Dates, Refund. There is a huge demand for the initial public offering (IPO) of auto component maker Cross Limited. The IPO was subscribed 2.56 times on the second day on Tuesday. According to NSE data, bids were made for 3,92,75,140 shares against 1,53,50,877 shares on offer in the initial share sale. The retail individual investors category was subscribed 3.87 times, while the non-institutional investors’ portion was subscribed 2.87 times. At the same time, the category of qualified institutional buyers has only a two percent subscription. The issue closes on September 11.
Kross IPO Allotment Status
| Fact | Details |
|---|---|
| IPO Open Date | September 9, 2024 |
| IPO Close Date | September 11, 2024 |
| Allotment Date | September 12, 2024 |
| Refund Date | September 13, 2024 |
| Listing Date | September 16, 2024 |
| Subscription Rate | 16.81 times |
| QIB Subscription | 23.32 times |
| RII Subscription | 10.76 times |
| GMP | Rs 45 |
| IPO Proceeds Use | Capital expenditure, repaying borrowings, corporate expenses |
Issue of Rs 240 per share
The IPO of the Jamshedpur-based company comprises a fresh issue of Rs 250 crore and an offer for sale of existing shares worth up to Rs 250 crore by promoters. The issue price has been fixed at Rs 228-240 per share. Talking about the grey market premium, it is Rs 48. In this context, the listing of the share can be at Rs 288. This represents a 20% premium of the stock.
When listing is possible
Equirus Capital Kross is the bookrunner and lead manager of the IPO, while KFin Technologies is the registrar to the issue. The shares of the company will be listed on both BSE and NSE. The listing of this IPO is possible on Monday, September 16.
About Company
Established in the year 1991, Cross Limited is a diversified company. It manufactures and supplies trailer axles and suspension assemblies. For the financial year ended March 31, 2024, Kross Ltd. posted a profit of Rs 44.88 crore with a revenue of Rs 621.46 crore. Ahead of its IPO, Cross allotted 62,49,999 shares at Rs 240 per share to anchor investors.
What is an IPO?
An IPO, or Initial Public Offering, is when a company offers its shares to the public for the first time. This allows the company to raise capital from public investors. Kross Ltd decided to go public to expand its business and fund new projects.
Why Kross IPO is Special
The Kross IPO is special because it received a massive subscription. The IPO received a great deal of interest, and it was nearly 17 times oversubscribed. This means there were many more applications than available shares.
How to Check Kross IPO Allotment Status
Checking the allotment status of the Kross IPO is simple. You can do it online through the registrar’s website or the BSE website. Here are the steps:
- Visit the registry’s website.
- Select ‘Kross Limited’ from the dropdown menu.
- Enter your PAN, application number, or DP client ID.
- Click ‘Submit’ to view your allotment status.
Alternatively, you can check on the BSE website by selecting ‘Equity’ and entering your details.
Key Dates for Kross IPO
Knowing the key dates is crucial for investors. Here are the important dates for the Kross IPO:
- IPO Open Date:Â September 9, 2024
- IPO Close Date:Â September 11, 2024
- Allotment Date:Â September 12, 2024
- Refund Date:Â September 13, 2024
- Listing Date:Â September 16, 2024
These dates help investors keep track of their investments and plan accordingly.
Subscription Details
The Kross IPO saw a subscription rate of 16.81 times. This high subscription rate indicates strong investor confidence. The Qualified Institutional Buyers (QIBs) subscribed 23.32 times, while the Retail Individual Investors (RIIs) subscribed 10.76 times.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an indicator of the expected listing price. For the Kross IPO, the GMP was around Rs 45 on the allotment day. This suggests a premium of over 18% in the unlisted market.
How to Use IPO Proceeds
Kross Ltd plans to use the IPO proceeds for various purposes. These include funding capital expenditure, repaying borrowings, and covering general corporate expenses. This strategic use of funds will help the company grow and improve its financial health.
Investor Sentiment
Investor sentiment towards the Kross IPO has been overwhelmingly positive. The high subscription rate and strong GMP reflect this confidence. Investors believe in the company’s growth potential and are eager to be part of its journey.
Conclusion
The Kross IPO has generated significant interest among investors. By understanding the allotment status, key dates, and other details, investors can make informed decisions. The positive investor sentiment and strategic use of IPO proceeds make Kross Ltd a promising investment.
FAQs Kross IPO Allotment Status Check Online
What is an IPO?
An IPO is when a company offers its shares to the public for the first time.
Why is the Kross IPO special?
It received a massive subscription, indicating strong investor interest.
How can I check my Kross IPO allotment status?
You can check it on the registrar’s website or the BSE website.
What are the key dates for the Kross IPO?
The key dates include the IPO open date, close date, allotment date, refund date, and listing date.
What is the subscription rate for the Kross IPO?
The subscription rate is 16.81 times.
What is the Grey Market Premium (GMP) for the Kross IPO?
The GMP is around Rs 45.
How will Kross Ltd. use the IPO proceeds?
The proceeds will be used for capital expenditure, repaying borrowings, and corporate expenses.
What is investor sentiment towards the Kross IPO?
Investor sentiment is positive, reflecting confidence in the company’s growth potential.
When will the Kross IPO shares be listed?
The shares will be listed on September 16, 2024.
What is the significance of the high subscription rate?
It indicates strong investor confidence and interest in the IPO.
I hope this blog post helps you understand Kross IPO allotment status better. If you have any more questions, feel free to ask!
