Kross IPO Allotment Status: Kross Ltd, a leading auto parts manufacturer, recently closed its Initial Public Offering (IPO) with a massive subscription, collecting around ₹6,193 crore. The IPO saw a high demand across various categories, making it one of the most successful public issues in recent times. If you’re among the bidders, you’re probably eager to check your allotment status. Let’s walk through the process step-by-step to ensure you know exactly how to confirm your allotment.
Kross IPO Overview
Kross Ltd’s IPO, with a total issue size of ₹500 crore, attracted heavy interest from both institutional and retail investors. The IPO was subscribed 16.81 times on its final day, with over 25 crore shares bid against an available 1.53 crore shares. Qualified Institutional Buyers (QIBs) led the pack with a subscription of 23.32 times, followed by non-institutional investors (NIIs) at 22.24 times. Retail investors weren’t far behind, showing strong interest by oversubscribing their portion by 10.76 times.
Key Dates and Details
Kross Ltd shares are scheduled to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Monday, September 16, 2024. Meanwhile, the allotment status will be available for checking today, Thursday, September 12, 2024. The anticipation surrounding this allotment stems from the overwhelming demand for the shares, with investors eagerly awaiting confirmation.
Step-by-Step Guide to Check Kross IPO Allotment Status
To check whether you’ve received an allotment, you can use one of two methods: through KFintech, the IPO registrar. The BSE website. Below, we outline both procedures for your convenience.
How to Check Kross IPO Allotment on KFintech:
- Visit the KFintech website, which manages the IPO allotment process.
- Choose Kross Ltd from the dropdown menu.
- Provide your details, which include either your PAN, application number, or DP client ID.
- Hit the “Submit” button to view your status.
With these simple steps, you can easily know whether you’ve been allotted shares.
How to Check Kross IPO Allotment on BSE:
- Head to the BSE website.
- Click on the Investors option and navigate to Investor Services.
- Select Status of Issue Application from the dropdown.
- Choose Equity as the issue type and input Kross Ltd in the issue name.
- Enter your PAN details and hit Search to find your allotment status.
Kross IPO Grey Market Premium (GMP)
The grey market has also shown significant interest in Kross Ltd’s IPO, with the grey market premium (GMP) rising to ₹45 on the day of the allotment. This translates into an 18% premium over the issue price, indicating positive sentiment toward the company’s shares. While the GMP provides a snapshot of demand in the unofficial market, it’s important to remember that it doesn’t guarantee a particular listing price.
What the Funds Will Be Used For
Kross Ltd aims to utilize the funds raised for multiple purposes. The fresh issue of ₹250 crore will be directed toward upgrading machinery, purchasing new equipment, and repaying outstanding debts. Additionally, a portion will help in meeting working capital requirements and general corporate needs. The other ₹250 crore, part of the Offer-for-Sale (OFS), will enable the company’s promoters, Sudhir Rai and Anita Rai, to partially liquidate their stakes, with ₹168 crore and ₹82 crore offered, respectively.
Company Background and Future Outlook
Founded in 1991, Kross Ltd has grown into a key player in the manufacturing of trailer axles, suspension assemblies, and precision safety-critical parts. The company serves medium to heavy commercial vehicles and the agricultural sector. Over the years, it has built a reputation for delivering high-quality products in India and across international markets. With the recent IPO, Kross plans to strengthen its operational capacities, reduce debt, and maintain its competitive edge in the rapidly growing auto parts sector.
Investors have displayed immense trust in the company’s future growth potential. This confidence is likely due to its established market presence and strategic focus on innovation and quality. As Kross Ltd’s shares prepare to hit the bourses, the buzz around its listing continues to grow.
Conclusion
If you’ve applied for Kross Ltd’s IPO, it’s time to check your allotment status. Following the simple steps outlined above will help you know if you’ve secured a piece of this highly anticipated IPO. With a listing date of September 16, 2024, Kross Ltd shares are set to make a strong debut on both the BSE and NSE. Whether you’re a seasoned investor or a first-time applicant, the excitement around Kross Ltd’s IPO has made it a noteworthy event in the market.
By keeping yourself informed about the allotment status and the company’s growth prospects, you’re in a better position to make the most of your investment. Good luck! Read more iPhone 16 launched with A18 Chip at Rs 79,900, offering Accelerated Actions.
