Cross IPO: A Strong Surge in Investor Interest
The recent Initial Public Offering (IPO) of Cross Limited has garnered significant attention, with a total subscription rate of 16.69 times the issue size of Rs 500 crore. This overwhelming response translated into a substantial bidding amount of Rs 6,193 crore. As investors await the share allotment, scheduled for today, September 12, the listing of the company’s shares is anticipated on September 16.
Investors who participated in Cross Limited’s IPO can easily check their allotment status via the official BSE website or through KFintech, the registrar. Below is a step-by-step guide on how to verify your allotment status effectively.
How to Check Allotment Status on KFintechโs Website
Step 1: Navigate to KFintech’s allotment status portal.
Step 2: From the dropdown menu, select Cross Limited.
Step 3: Enter the required details, including your PAN number, application number, or DP client ID.
Step 4: Click on the submit button to view your allotment status on the screen.
How to Check Allotment Status on the BSE Website
Step 1: Open the BSE official website.
Step 2: Click on the ‘Investors’ option available on the homepage.
Step 3: Under the ‘Investor Services’ dropdown, select ‘Status of Issue Application.’
Step 4: Click on ‘Application Status Check.’
Step 5: Choose ‘Equity’ in the Issue Type and provide the necessary information, including the ‘Issue Name.’
Step 6: Enter your PAN number and hit the search button to retrieve your allotment status.
Kross IPO: Subscription Breakdown
This IPO witnessed a remarkable demand, with bids for a total of 25.61 crore shares against the 1.53 crore shares that were on offer. The subscription rates provide noteworthy insights into investor interest across different segments:
| Investor Category | Subscription Rate |
|---|---|
| Qualified Institutional Buyers (QIB) | 23.32 times |
| Non-Institutional Investors | 22.20 times |
| Retail Investors | 10.53 times |
Overall, the IPO was subscribed a total of 16.69 times, indicating robust investor confidence and interest in Cross Limited.
Market Performance and Predictions
As of September 9, Cross Limited’s IPO is trading at a premium of Rs 37.50 in the grey market. If this trend continues, the company’s shares are expected to debut at around Rs 277.5. Investors could potentially see a profit margin of 15.62 percent upon listing.
About Cross Limited
Founded and operated by the Rai family, Cross Limited is based in Jharkhand and specializes in manufacturing precision machined parts and forged components, particularly for medium and heavy commercial vehicles (M&HCV) and agricultural equipment. The company’s business is heavily concentrated in the M&HCV segment, contributing nearly 89% of its overall revenue, with the remaining 9% originating from farm equipment.
Financial Performance
Cross Limited has shown impressive financial growth in recent years. In FY24, its net profit surged by 45.1%, reaching Rs 44.9 crore, while revenue climbed by 27% to Rs 620.3 crore compared to the previous year. Furthermore, the company reported an EBITDA of Rs 80.8 crore for the year ending March 2024, reflecting a 40.4% increase. Notably, its EBITDA margins improved by 120 basis points, reaching 13% relative to FY23, highlighting the company’s operational efficiency.
