The three-day initial public offering (IPO) that ended on September 11 garnered strong response from all categories of investors, though it was dominated by qualified institutional buyers (QIBs).
The issue was subscribed 16.81 times while the retail segment was subscribed 10.76 times.Non-institutional buyers (NIIs) and qualified institutional buyers (QIBs) were subscribed 22.24 times and 23.32 times respectively.
Allotment of shares and credit to demat accounts is expected to be complete and the process of refunding money to bidders who did not get allotment is probably completed by now.
Investors get shares through a lottery and the entire process is overseen by a registrar. On the allotment date, investors will know how many shares they have been allotted for their bid.
You can check the status of your allotment by visiting the BSE or registrar’s website. Here’s how to check the status on the BSE or registrar’s website:
First, here’s how to check the BSE status:
Step 1Please see the BSE website:https://www.bseindia.com/investors/appli_check.aspx)
Step 2: Select the problem name (company name) from the dropdown.
Step 3: Enter your application number or PAN number to check your allotment status.
To check the status of your Kross IPO allotment through the registrar, in this case Link Intime India, follow the steps below:
Step 1Visit the Kfin Technologies website:https://rtiop.kfintech.com/ipostatus/)
Step 2: Select Cross IPO
Step 3: Enter your PAN details and click Search to check the status
Cross IPO Proceeds
Proceeds from the IPO will be used by management to repay debt and fund future growth, which is expected to boost the company’s earnings growth.
Kross is a leading manufacturer of a wide range of forged and machined components in India with growing exports globally.
The company manufactures a wide range of high performance and safety critical components for the commercial vehicle and tractor sectors and operates out of five manufacturing facilities in Jamshedpur, Jharkhand, with capabilities to design, develop and manufacture a diverse product portfolio.
With Ashok Leyland and Tata International DLT as its key customers, the company supplies to a diversified customer base that includes leading OEMs (Original Equipment Manufacturers) manufacturing M&HCVs and Tractors, Tier 1 suppliers to OEMs in the M&HCV sector, national dealers and manufacturers in the trailer axle and suspension business.
The company has also gained new customers, including Sweden-based Leax Falun AB, a manufacturer of propeller shafts for commercial vehicle OEMs, and a Japan-based OEM that manufactures commercial vehicles.
Revenue from operations grew 27% YoY to Rs 6,200 crore and net profit after tax grew 45% YoY to Rs 448 crore for the fiscal year ending March 2024. Revenue, EBITDA and PAT grew at a CAGR of 44.4%, 65.5% and 91.8% respectively during FY22-24.
Equirus Capital is the sole bookrunning lead manager for the offering.
(DisclaimerRecommendations, suggestions, views and opinions expressed by experts are their own and do not necessarily represent the views of The Economic Times.
