Kross IPO GMP Slashes by 50% Ahead of Monday’s Listing – Will Investors Still See a 10% Gain?
The grey market premium (GMP) for Kross Ltd.’s shares has dropped by half, from ₹50 to ₹24, ahead of its stock listing on Monday, September 16. This new GMP offers a 10% premium over the issue price of ₹240 per share.
Kross’ IPO, which closed on September 11, received a strong response from all investor categories. The IPO was subscribed 16.81 times in total. Retail investors subscribed 10.76 times, while non-institutional investors (NIIs) and qualified institutional buyers (QIBs) subscribed 22.24 and 23.32 times, respectively.
For those who bid but didn’t receive shares, refunds are likely already processed. Investors can check their share allotment status either through the Bombay Stock Exchange (BSE) or the registrar’s website, Link Intime India.
How to Check Allotment Status on BSE:
- Visit the BSE website at https://www.bseindia.com/investors/appli_check.aspx
- Select the company’s name from the dropdown list.
- Enter your application number or PAN to see the allotment status.
How to Check Allotment Status on Link Intime India:
- Visit the Link Intime website at https://rtiop.kfintech.com/ipostatus/
- Select Kross IPO from the list.
- Enter your PAN details and click “Search” to check the status.
IPO Proceeds
The money raised from Kross’ IPO will be used to pay off debt and fund future growth, which is expected to boost the company’s earnings.
Kross Ltd. is a leading manufacturer of high-performance, safety-critical components for commercial vehicles and tractors. It operates five manufacturing facilities in Jamshedpur, Jharkhand, where it designs and produces a wide range of products. Some of its key clients include Ashok Leyland and Tata International DLT, as well as global customers like Sweden’s Leax Falun AB and a Japan-based commercial vehicle manufacturer.
For the financial year ending in March 2024, Kross Ltd.’s revenue grew 27% year-on-year to ₹620 crore, while its net profit rose by 45% to ₹44.8 crore. The company’s revenue, EBITDA, and profit after tax (PAT) have grown at an impressive rate of 44.4%, 65.5%, and 91.8% respectively between FY22 and FY24.
Equirus Capital is the sole book-running lead manager for the offer.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
