The car parts manufacturer Kross Ltd.'s initial public offering was reserved 16.7 times by the time the subscription period ended on Wednesday, September 11.
Consolidated bid data on the national stock exchange indicates that over 25.66 crore shares were bid for in the Rs 500 crore initial public offering (IPO) of Kross Ltd, while 1,53,50,877 shares were available for subscription.
The portion for Retail Individual Investors (RIIs) was reserved 10.6 times. According to consolidated bid data on NSE as of 5:00 pm on September 11, 2024, applications for 8.13 crore shares were received out of the 76,75,439 shares that were available for the category.
In contrast to the 32,89,474 shares that were up for bid, offers for over 7.3 crore shares resulted in the Non-Institutional Investors (NIIs) quota being booked 22.2 times.
IPO size and structure
The subscription period for Kross Ltd., a company based in Jamshedpur, opened on September 9 (Monday). A new issue of 1.04 crore equity shares valued at Rs 250 crore and an Offer-for-Sale (OFS) with a maximum value of Rs 250 crore through shareholder sales made up the public offer.
Through the OFS, promoter Sudhir Rai sold shares valued at Rs 168 crore, and Anita Rai sold shares worth Rs 82 crore.
Price band for IPO
The price range was set by the company at Rs 228–240 per share. At the upper price range, the minimum lot size was 62 shares, corresponding to an investment of Rs 14,880.
The public offer's book-running lead manager is Equirus Capital Private Limited. For the Kross IPO, Kfin Technologies Limited is serving as the registrar.
Allotment and listing
On September 12, the company is anticipated to release the share allotment status. On the websites of the IPO registrar, Kfin Technologies, as well as the BSE and NSE, investors can view the allotment status.
On September 13, Kross Ltd. would begin initiating refunds and crediting shares to demat accounts. On September 16, the company plans to list its shares on the BSE and NSE.
GMP and estimated listing price
Chittorgarh.com states that the grey market premium, or Kross IPO GMP, is +50. This indicates that Kross shares were being sold on the Grey market at a Rs 50 premium.
The expected listing price of Kross shares was Rs 290 per share, which represented a 20.83 per cent premium over the Rs 240 IPO price, given the upper limit of the IPO price range and the current premium in the secondary market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
