Kross was incorporated on May 9, 1991. The company is engaged in manufacturing and supplying trailer axle and suspension assemblies, along with forged and precision-machined safety-critical parts for medium and heavy commercial vehicles and farm equipment.
| Bidding Dates |
|---|
| 09 Sep 2024 - 11 Sep 2024 |
| Subscription |
|---|
| 16.81x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,136 | 1 | 13 | 62 | 20.8 M | ₹228 - ₹240 | 67.7 % | ₹4750.0 M - ₹5000.0 M | RHP DOC |
Kross Ltd. IPO SUBSCRIPTION STATUS
11 Sep '24Kross Ltd. IPO overall subscription rate was 16.81 times the total available shares
Kross Ltd. IPO retail subscription rate was 10.76 times in the retail segment
Kross Ltd. IPO non-institutional investor subscription rate was 22.24 times in the non-institutional investor category
Kross Ltd. IPO Qualified Institutional Bidder subscription rate was 23.32 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
11 Sep 2024 (Day 3) | 10.76x | 22.24x | 23.32x |
10 Sep 2024 (Day 2) | 3.88x | 2.87x | 0.02x |
09 Sep 2024 (Day 1) | 1.5x | 0.61x | 0x |
Kross Ltd. FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | 448.8 | 6,202.5 | 82.5 | -134.5 | 13.0% |
| FY23 | 309.3 | 4,886.3 | 417.5 | 231.9 | 11.77% |
| FY22 | 121.7 | 2,974.6 | 175.4 | 52.3 | 9.93% |
Kross Ltd. IPO SUBSCRIPTION STATUS DETAILS
Kross Ltd. had 20.8 M shares on offer
Kross Ltd. IPO offer price was in the range ₹228 - ₹240
Kross Ltd. IPO minimum Investment was ₹14136
Kross Ltd. IPO issue size was ₹ 4750.0 M - ₹ 5000.0 M
Kross Ltd. had a minimum lot size of 62 Shares per application
Kross Ltd. NUMBER OF SHARES ON OFFER
Kross Ltd. IPO IMPORTANT DATES
| Issue Open Date | 09 Sep 2024 |
| Issue close Date | 11 Sep 2024 |
| Allotment Date | 12 Sep 2024 |
| Refund Date | 13 Sep 2024 |
| Demat Account Credit Date | 13 Sep 2024 |
| Listing Date | 16 Sep 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Kross Ltd. Allotment Status | Exchange |
Kross Ltd. IPO subscription opened on 09 Sep 2024, and closed on 11 Sep 2024
IPO allotment for Kross Ltd. was finalized on Thursday, 12 Sep 2024
IPO listing for Kross Ltd. was on NSE and BSE on Monday, 16 Sep 2024
Kross Ltd. IPO LISTING GAINS
| Issue Price (adjusted) | 240.0 |
| Listing Open Price | 240.0 |
| Listing Close Price | 259.8 |
| Listing Gain% | 0.0% |
| Current Gain% | -15.5% |
Kross Ltd. Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kross Ltd. | 202.8 | 1307.9 | 22.6 | 1.7 | 1.8 | 11.3 | 8.6 | 677.4 | 8.3 | 55.2 | 15 | 9 | 13.2 |
| Samvardhana Motherson International Ltd. | 168.5 | 177842.4 | 40.6 | 1.3 | 1.4 | 9.4 | 3.5 | 126414.2 | 10.7 | 3859.7 | 1.5 | 4.1 | 31.9 |
| Bosch Ltd. | 42950 | 126685.7 | 45.7 | 1.2 | 6.3 | 18.7 | 12.8 | 20888.7 | 10.5 | 2773.2 | 37.6 | 940.2 | 37.6 |
| UNO Minda Ltd. | 1285 | 74204.5 | 61.7 | 3.8 | 3.6 | 17.5 | 8.7 | 19692 | 17.2 | 1197.1 | 27 | 20.8 | 16.2 |
| Tube Investments of India Ltd. | 2772 | 53658.2 | 84.3 | -16 | 2.3 | 8.2 | 3 | 23234.6 | 17.1 | 636.8 | -5.5 | 32.9 | -5.3 |
| Sona BLW Precision Forgings Ltd. | 818 | 51009.7 | 73.3 | 3.8 | 10.3 | 10.7 | 8.6 | 4572.1 | 24.2 | 640.2 | 6.5 | 11.2 | 19.2 |
Kross Ltd. IPO Reports
Kross Ltd. INFORMATION ON IPO ISSUE
About Kross Ltd.
Kross was incorporated on May 9, 1991. The company is engaged in manufacturing and supplying trailer axle and suspension assemblies, along with forged and precision-machined safety-critical parts for medium and heavy commercial vehicles and farm equipment.
Object of the Issue
- Funding of capital expenditure requirements of the company towards purchase of machinery and equipment.
- 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.
- Funding working capital requirements of the company.
- General corporate purposes.
Kross Ltd. - PROMOTERS
| Name |
|---|
| Sudhir Rai |
| Anita Rai |
| Sumeet Rai |
| Kunal Rai |
Kross Ltd. Book Running Lead Manager
Equirus Capital Private Limited
kross.ipo@equirus.com
Kross Ltd. Registrar to the Offer
KFin Technologies Limited
krosslimited.ipo@kfintech.com
Kross Ltd. Strengths
Long-standing relationship
The company maintains long-standing relationships with major OEMs, tier-one suppliers, domestic dealers, and fabricators for its trailer axle and suspension segment, supported by a diversified dealer network for its trailer axle and suspension assembly business
Prominent manufacturer
The company is widely recognized as one of the prominent manufacturers of trailer axles and suspension assemblies in India and one of the few players domestically with the competency to manufacture trailer axles and suspension assembly in-house
Kross Ltd. Risks
Customer concentration risk
The company's top five customers contributed a significant portion (more than 66% in each of the previous three Fiscals) of its revenues
Product pricing risk
Pricing pressure from customers may adversely affect the company's gross margin, profitability and ability to increase its prices
Competition risk
The company faces competition from both domestic as well as international players and its inability to compete effectively may have a material adverse impact on its business and results of operations
IPO FAQs
This IPO consists of an offer for sale of up to Rs 250.0 crore, of 10,416,667 shares. It also consists of a fresh issue of Rs 250.0 crore.
The promoters of the company are Sudhir Rai, Anita Rai, Sumeet Rai and Kunal Rai.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 228.0 - 240.0.
The IPO application opens on Sep 09, 2024 and closes on Sep 11, 2024.
The minimum lot size for the IPO is 62. The maximum lot size for the IPO is 806.
For all category investors, the minimum application amount for this IPO is Rs. 14,136.0, the maximum value for this IPO is Rs 193,440.0.
This IPO will be allotted on Sep 12, 2024.
The refund will be credited to your account on Sep 13, 2024.
The allotted shares will be credited to your demat on Sep 13, 2024.
Kross Ltd.’s shares listed on the stock exchanges on Sep 16, 2024.