Kross IPO allotment: Check application status, GMP and listing date
Kross Ltd is scheduled to finalise share allotment basis on Thursday, September 12. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either on Friday or latest by weekend. The auto ancillary company issue had received a muted response from the investors during the three-day bidding.
The IPO of Kross was open for bidding between September 9 and September 11. The Jamshedpur-based company had offered its shares in the fixed price band of Rs 228-240 per share with a lot size of 62 shares. The company raised Rs 500 crore via its primary offering, which included a fresh share sale of Rs 250 crore and an offer-for-sale (OFS) of up to 1.04 crore equity shares
The issue saw a solid bidding and was overall subscribed 16.81 times. The quota for qualified institutional bidders (QIBs) was booked 23.32 times The quota for non-institutional investors was subscribed 22.24 times, while the portion reserved for retail investors saw bidding for 10.75 during the bidding process.
Grey market premium (GMP) of Kross Ltd has remained stable after a mixed response during bidding for the issue. Last heard, the company was commanding a premium of Rs 50 per share, suggesting a listing pop of around 21 per cent for the investors. It has remained near these levels throughout the bidding for the issue.
Established in 1991, Kross Ltd was formerly known as Kross Manufacturers (India). It manufactures and supplies trailer axles and suspensions and a wide range of high-performance forged and precision machined safety critical parts for medium and heavy-duty commercial vehicles (M&HCV) and agricultural equipment.
Brokerages were mostly positive on the issue suggesting investors to subscribe to it for a long term citing its market position, long-term relationships with major domestic and global clients, consistent financial. However, rich valuations and down cycle in the auto industry are the key risks for the company.
Equirus Capital is the book running lead manager of the Kross IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with Monday, September 16 as the tentative date of listing at the bourses.
Investors, who had bid for the issue of Kross, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Kross Ltd in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit submit
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
