Kross Limited IPO Details
MAINBOARD
Kross IPO opens for subscription on 09 Sep 2024 and closes on 11 Sep 2024. The IPO will be listed on NSE, BSE with the tentative listing date set for 16 Sep 2024.
Kross IPO price band has been fixed at ₹228 – ₹240 per share.The face value is ₹5 per share with a lot size of 62.
Kross IPO total issue size comprises 2,08,33,334 shares (aggregating up to ₹500.00 Cr). This includes a fresh issue of 1,04,16,667 shares (aggregating up to ₹250.00 Cr). Offer for Sale consists of 1,04,16,667 shares (aggregating up to ₹250.00 Cr). Pre-issue shareholding stands at 5,40,92,756, which will increase to 6,45,09,423 post-issue.
Kross IPO carries a ₹24 (10.0%) GMP, reflecting investor sentiment.
Kross IPO Lot Size : Retain Minimum is 1 lot (62 shares) amounting to ₹14,880. Retain Maximum is 13 lots (806 shares) amounting to ₹193,440. SHNI Minimum is 14 lots (868 shares) amounting to ₹208,320. SHNI Maximum is 67 lots (4,154 shares) amounting to ₹996,960. BHNI Minimum is 68 lots (4,216 shares) amounting to ₹1,011,840.
The Lead Managers for Kross IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Equirus Capital Private Limited. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.
For detailed information, Refer to the Kross Limited RHP.
Kross IPO Details
Kross IPO Subscription
Kross IPO Application Wise Breakup (Approx)
Kross IPO Dates
- 09 Sep 2024Opening dateOPD
- 11 Sep 2024Closing dateCOD
- 12 Sep 2024Allotment Date BOA
- 13 Sep 2024Initiation of RefundsIOR
- 13 Sep 2024Credit of SharesCOS
- 16 Sep 2024Listing dateLID
Kross IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retain Minimum | 1 | 62 | ₹14,880 |
| Retain Maximum | 13 | 806 | ₹193,440 |
| SHNI Minimum | 14 | 868 | ₹208,320 |
| SHNI Maximum | 67 | 4154 | ₹996,960 |
| BHNI Minimum | 68 | 4216 | ₹1,011,840 |
Kross IPO Reservation
Promoter Holding
Documents
Kross IPO Valuations
Kross Financial Information
Kross Limited's revenue increased by 27% and profit after tax (PAT) rose by 45% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |||||||||||||||||||||||||||
| Assets | 352 | 250.57 | 197.82 | |||||||||||||||||||||||||||
| Revenue | 621.46 | 489.36 | 297.88 | |||||||||||||||||||||||||||
| Profit After Tax | 44.88 | 30.93 | 12.17 | |||||||||||||||||||||||||||
| Net Worth | 146.81 | 102.11 | 72.4 | |||||||||||||||||||||||||||
| Reserves and Surplus | 119.76 | 88.58 | 58.88 | |||||||||||||||||||||||||||
| Total Borrowing | 117.9 | 88.26 | 86.06 | |||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||
About Kross IPO
Kross Limited, formerly known as Kross Manufacturers (India) Private Limited, established in 1991, 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.
The company's product portfolio includes axle shafts, companion flanges, anti-roll bars and stabilizer bar assembly, suspension linkages, differential spiders, bevel gears, planet carriers, inter-axle kits, rear-end spindles, pole wheels, and a variety of tractor components for the hydraulic lift arrangement, power take-off (PTO) shafts and front axle spindles.
The company supplies its products to major original equipment manufacturers (“OEMs”) that manufacture M&HCVs and tractors, as well as to domestic dealers and trailer axle and suspension manufacturers that supply OEMs in the M&HCV segment.
Kross Limited has five ISO 9001:2015 certified manufacturing facilities in Jamshedpur, Jharkhand, with the capacity to manufacture forgings weighing up to 40 kg. The production facilities are equipped with (i) forging presses and upsetting lines with induction heating for billets, (ii) a foundry with a high-pressure moulding line, (iii) high precision machining machines like turning centers, vertical and horizontal milling centres, Grinding, broaching, hobbing and shaping machines as well as robot welding systems, (iv) an in-house cathodic electro dip painting system (“CED system”), powder coating and spray painting and (v) heat treatment furnaces and induction hardening systems.
As of June 30, 2024, the company had 528 permanent employees.
Strength Of Kross IPO
1. Long standing relationship with large OEMs and their tier one suppliers, domestic dealers and fabricators for its trailer axle and suspension business complemented by a diversified network of dealers for its trailer axle and suspension assembly business.
2. Wide recognition as one of the prominent manufacturers of trailer axles and suspension assemblies in India and one of the few players domestically with the competency to manufacture trailer axles and suspension assembly in-house.
3. Diversified product portfolio with a focus on continuous value addition.
4. Integrated manufacturing operations coupled with in-house product and process design capabilities which offer scale, flexibility and comprehensive solutions.
5. Track record of sustained growth and strong financial performance.
Risk Of Kross IPO
1. Customer concentration risk - its top five customers contributed a significant portion (more than 66.00% in each of the previous three Fiscals) of its revenues. The loss of a major customer or reduction in demand for its products from any of its major customers may adversely affect its business, financial condition, results of operations and prospects.
2. End-user industry risk - Demand for its products is linked to growth and trends in sales of vehicles by its customers. Decline in sales of its customers may adversely affect the demand for the company products which in turn would adversely impact its business, financial condition, results of operations and prospects.
3. Product concentration risk - the company derives a portion of its revenue from the sale of trailer axle and suspension assemblies for medium and heavy commercial vehicles ("M&HCV"). Any reduction in demand for its key products on account of regulatory changes or changes in technologies including but not limited to shift in renewable/ green energy would have a material adverse effect on its business, financial condition, results of operations and cash flows.
4. The company derives a substantial portion of its revenue from supply of trailer axle and suspension assembly and a wide range of forged and precision machined high performance safety critical parts for medium and commercial vehicles ("M&HCV") and farm equipment segments. Any change in demand for such components would have a material adverse effect on its business, financial condition, results of operations and cash flows.
5. Manufacturing facility disruption risk - its manufacturing facilities are subject to operating risks. Any shutdown of its manufacturing facilities of its existing or future manufacturing facilities or other production problems caused by unforeseen events may reduce sales and adversely affect its business, cash flows, results of operations and financial condition.
6. Manufacturing facility geographical concentration - its manufacturing facilities are located in the same geographical location and any disruptions in its manufacturing process due to local and regional factors could have an adverse effect on its business, financial condition and results of operations.
7. Product quality risk - the company is subject to strict quality requirements and any product defect issues or failures by it to comply with quality standards could adversely affect its business, results of operations, cash flows and financial condition.
8. Lack of long-term contracts - the company does not have firm commitment agreements with its customers. If the company customers choose not to source their requirements from it, there may be a material adverse effect on its business, financial condition, cash flows and results of operations.
9. Inventory management risk - If the company fails to accurately predict the demand for its products or if customers vary or cancel production orders, its may incur costs associated with excess inventory, including towards raw material charges, elongated working capital cycle and storage costs, any or all of which can adversely impact its financial results, profitability and future prospects.
10. The Company is unable to trace certain filings pertaining to historical secretarial information, minutes of board and shareholders' meetings, copies of share transfer forms and certain records from the statutory registers.
Objectives Kross IPO
- Funding of capital expenditure requirements of the Company towards the purchase of machinery and equipment;
- Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company, from banks and financial institutions;
- Funding working capital requirements of the Company; and
- General corporate purposes
Company Contact Details
Kross Limited
M-4, Phase VI, Gamharia,
Adityapur Industrial Area,
Jamshedpur - 832108
Phone: +91 0657 2203812
Email: investors@krossindia.com
Website: https://www.krosslimited.com/
Registrar Contact Details
Lead Mangers
Lead Manager Reports