Kross Limited IPO Allotment Finalized Amid High Demand

The allotment for Kross Limited‘s Initial Public Offering (IPO) is anticipated to be finalized today. Investors will have the opportunity to verify their allotment status through Kfin Technologies Limited or the Bombay Stock Exchange (BSE) website. The IPO, open for subscription between September 9 and September 11, received a substantial response with the non-institutional investor segment being oversubscribed by 23.40 times and the retail segment by 11.26 times.

The IPO price ranged between ₹228 and ₹240 per share, and given the high level of retail oversubscription, shares will be proportionally allocated to retail individual investors. Those not receiving an allotment can expect the refund process to begin on September 13, 2024. Shares allotted will be credited to investors’ demat accounts simultaneously with the refunds.

Kross Limited has planned the utilization of the IPO proceeds for various purposes, including funding capital expenditure for purchasing machinery, repaying certain borrowings, and meeting working capital requirements. The company also intends to cover general corporate purposes.

Investors can follow these steps to check their allotment status. On the IPO registrar website, select ‘Kross Limited’ from the IPO dropdown menu, and choose among Application No., Demat Account, or PAN to enter the required details. Similarly, on the BSE website’s allotment page, select the appropriate issue type and name, then enter PAN or application number to access the status.

Kross Limited is recognized as a leading manufacturer of trailer axles and suspension assemblies in India, having started its operations in this domain in 2019. The company has formed enduring relationships with major OEMs such as Ashok Leyland Limited and Tata International DLT Private Limited.

The grey market premium (GMP) for Kross Limited’s IPO rose to ₹45 on the day of allotment, reflecting an estimated listing price around ₹285. This suggests an 18.75 percent premium over the issue price, indicating positive investor sentiment. However, GMP should not be used as the sole investment decision-making factor.