Kross Ltd IPO
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Kross Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 208.33 L | ₹ 104.17 L | ₹ 72.92 L | ₹ 540.92 L | BSE | ₹ 500 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 09 Sep, 24 | 11 Sep, 24 | 62 | ₹ 14,136 | Book Building | 16 Sep, 24 |
Kross Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Auto Ancillaries |
| Sub Sector | NA |
| Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 9.82x | 10416667 | 102281462 |
| NII | 23.41x | 3125000 | 73146918 |
| Retail | 11.33x | 7291666 | 82593486 |
| Employee | 0x | 0 | 0 |
| Total | 12.39x | 20833333 | 258021866 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Kross Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 67.08 | 46.03 | 21.81 |
| EBITDA | 72.87 | 50.35 | 27.31 |
| PAT | 44.88 | 30.93 | 12.17 |
| Total Assets | 233.63 | 151.38 | 114.15 |
| Share Capital | 27.05 | 13.52 | 13.52 |
| Total Borrowings | 145.11 | 109.56 | 106.72 |
| Operating Activities (Net Cash) | 50.67 | 35.25 | 17.67 |
| Investing Activities (Net Cash) | -4.87 | 0.14 | 0.11 |
| Financing Activities (Net Cash) | 145.11 | 109.56 | 106.72 |
| Net Cashflow | 10.51 | 14.25 | 0.62 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About Kross Ltd
Kross Limited was incorporated as Kross Manufacturers (India) Private Limited, as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated May 9, 1991, issued by the Registrar of Companies, Bihar at Patna. Thereafter, the Registered Office of the Company was changed from 214, Ashiana Centre Adityapur, Jamshedpur - 831013 to M-4, Phase VI, Gamharia, Adityapur Industrial Area, Jamshedpur - 832108, Jharkhand, India. Subsequently, the name of the Company was changed from Kross Manufacturers (India) Private Limited to Kross Private Limited pursuant to a fresh certificate of incorporation issued by the Registrar of Companies Jharkhand at Ranchi dated September 26, 2016. Further, the name of the Company was changed upon conversion from a private limited company Kross Private Limited, to a public limited company Kross Limited pursuant to a special resolution passed by its shareholders on January 13, 2017 and a fresh certificate of incorporation issued by the Registrar of Companies Jharkhand at Ranchi dated January 17, 2017.
In fiscal year 2024, the M&HCV segment exhibited a de-growth of 3% over the fiscal year 2023. In fiscal year 2023, MHCV sales recorded a growth of 40%, this recovery brought MHCV sales to approximately 90% of the level recorded in fiscal year 2019, a notable milestone. The resurgence in economic activities across various sectors played a pivotal role in driving this recovery. Tractor trailers were the fastest-growing category in the MHCV segment, witnessing a growth of 71% CAGR between fiscals 2021 and 2024, followed by the MCV haulage and MAV haulage segments at 50% CAGR and 32% CAGR, respectively. Tippers grew at 14% CAGR, whereas ICVs clocked 1% growth during the same period.
Kross Limited is a diversified player focused on manufacturing and supply of trailer axle and suspension assembly and a wide range of forged and precision machined high performance safety critical parts for medium and heavy commercial vehicles (M&HCV) and farm equipment segments. The Company is widely recognized as one of the prominent manufacturers of trailer axles and suspension assembly in India. In 2019, The company commenced manufacture and sale of trailer axle and suspension assemblies and has witnessed robust growth between Fiscal 2021 and Fiscal 2024.
Peer Comparison:
- Ramkrishna Forgings Ltd
- Jamna Auto Industries Ltd
- Automotive Axles Ltd
- GNA Axles Ltd
- Talbros Automotive Components Ltd
Kross Ltd IPO Key Points
Strengths
- 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.
- 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.
Risk
- 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.
- 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.
- 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.
Strategy
- Expand capacities at its existing manufacturing facilities to increase manufacturing scale for its existing products and creation of new products.
- Create manufacturing capabilities in axle beam extrusion and backward integration capabilities into the seamless tube.
- Expand its geographical reach through growing exports.
- Continuing focus on reduce operating costs and improving operational efficiency.
- Improve its financial profile.
- 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.
- 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.
How To Apply for Kross Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.