Kross Limited, formerly known as Kross Manufacturers (India) Private Limited, 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:
- Forging presses and upsetting lines with induction heating for billets,
- A foundry with a high-pressure moulding line,
- High precision machining machines like turning centers, vertical and horizontal milling centres, Grinding, broaching, hobbing and shaping machines as well as robot welding systems,
- An in-house cathodic electro dip painting system (“CED system”), powder coating and spray painting, and
- Heat treatment furnaces and induction hardening systems.
As of June 30, 2024, the company had 528 permanent employees.
Kross IPO – Details
| IPO Opening Date | 09 September 2024 |
| IPO Closing Date | 11 September 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,08,33,334 Shares Worth ₹500.00 Crore Fresh Issue: 1,04,16,667 Shares Worth ₹250.00 Crore Offer For Sale: 1,04,16,667 Shares Worth ₹250.00 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹228 – ₹240 per share |
| Market Lot | 62 Shares |
| Min Order | 62 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Kross IPO – Date Schedule
| IPO Open Date | 09 September 2024 |
| IPO Close Date | 11 September 2024 |
| Basis of Allotment | 12 September 2024 |
| Initiation of Refund | 13 September 2024 |
| Credit of Shares to Demat Account | 13 September 2024 |
| IPO Listing Date | 16 September 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2024 |
Kross IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,880 |
| Retail (Max) | 13 | 806 | ₹1,93,440 |
| S-HNI (Min) | 14 | 868 | ₹2,08,320 |
| S-HNI (Max) | 67 | 4,154 | ₹9,96,960 |
| B-HNI (Min) | 68 | 4,216 | ₹10,11,840 |
Competitive Strengths
- Long standing relationship with large OEMs and their tier one suppliers, domestic dealers and fabricators for the trailer axle and suspension business complemented by a diversified network of dealers for the trailer axle and suspension assembly business.
- 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.
- Diversified product portfolio with a focus on continuous value addition.
- Integrated manufacturing operations coupled with in-house product and process design capabilities which offer scale, flexibility and comprehensive solutions.
- Track record of sustained growth and strong financial performance.
Company Promoters
- Sudhir Rai
- Anita Rai
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | 297.88 | 281.57 | 12.16 | 86.06 |
| 31 March 2023 | 489.35 | 447.64 | 30.93 | 88.26 |
| 31 March 2024 | 621.46 | 560.17 | 44.88 | 117.9 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.57% |
| ROCE | 28.15% |
| RoNW | 30.57% |
| P/BV | 8.84 |
| PAT Margin (%) | 7.22 |
| Pre IPO | Post IPO | |
| EPS (Rs) | 8.3 | 6.96 |
| P/E (x) | 28.93 | 34.5 |
Object Of The Issue
- 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
Kross IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 2 | Ramkrishna Forgings Limited | 46.55 |
| 2 | 1 | Jamna Auto Industries Limited | 24.30 |
| 3 | 10 | Automotive Axles Limited | 17.05 |
| 4 | 10 | GNA Axles Limited | 17.32 |
| 5 | 2 | Talbros Automotive Components Limited | 19.03 |
Kross IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 67.70% |
Kross IPO Prospectus
Company Contact Information
| 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/ |
Kross IPO Registrar
| Kfin Technologies Limited Phone: 04067162222, 04079611000 Email: krosslimited.ipo@kfintech.com Website: https://kosmic.kfintech.com/ipostatus/ |
Kross IPO Lead Manager(s)
| 1. Equirus Capital Private Limited |
Kross IPO FAQs
| What is Kross IPO? Kross IPO is a main-board IPO. The issue is priced at ₹228 to ₹240 per equity share. The IPO is to be listed on BSE & NSE. |
| When Kross IPO will open? The IPO is to open on 09 September 2024 for QIB, NII, and Retail Investors. |
| What is Kross IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Kross IPO? You can apply Kross IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Kross IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Kross IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Kross IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Kross IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Kross IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Kross IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Kross IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Kross IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Kross IPO Size? Kross IPO size is ₹500.00 Crore. |
| What is Kross IPO Price Band? Kross IPO Price Band is ₹228 to ₹240. |
| What is Kross IPO Minimum and Maximum Lot Size for retail? The minimum bid is 62 Shares with ₹14,880 amount while the maximum bid is 806 Shares with ₹1,93,440. |
| What is the Kross IPO Allotment Date? Kross IPO allotment date is 12 September 2024. |
| What is the Kross IPO Listing Date? Kross IPO listing date is 16 September 2024. The IPO is to be listed on BSE and NSE. |
