Kross IPO listing date announced. What GMP signals ahead of share debut

Kross initial public offering (IPO), which received a strong response from investors, is all set to make its debut on Indian bourses tomorrow, September 16. The allotment for the Kross IPO was finalised on Thursday, September 12.

The shares of Kross Limited is trading at a premium of ₹24.50 in the grey market premium ahead of listing on BSE, NSE. This means that the estimated listing price of Kross IPO is likely to be ₹264.5, which is 10.21 per cent higher than the IPO price of ₹240.

According to investorgain, the lowest GMP of Kross IPO is ₹0, while the highest GMP is ₹50.

It is important to note that 'Grey market premium' indicates investors' readiness to pay more than the issue price.

On the final day, the Kross IPO was subscribed 16.81 times. The allocation for Qualified Institutional Buyers (QIBs) was the most in demand, with a subscription rate of 23.32 times, followed by Non-Institutional Investors (NIIs) at 22.24 times, and retail investors at 10.76 times. The IPO received applications for 25,80,21,866 shares against the 1,53,50,877 shares available on Wednesday.

Kross IPO details

The Kross IPO bidding process commenced on Monday, September 9, and concluded on Wednesday, September 11. The allotment of shares was finalized on September 12, and the company is set to make its debut on the stock exchanges on September 16.

Kross Ltd., formerly known as Kross Manufacturers (India), offered its shares in a price range of ₹228 to ₹240 per equity share. The IPO, which was a combination of a fresh issue of 1.04 crore shares worth ₹250 crore and an offer-for-sale (OFS) component of a similar amount, raised ₹500 crore at the upper end of the price band.

The company had allocated not more than 50 per cent of the shares to qualified institutional buyers (QIBs), at least 15 per cent for non-institutional investors (NIIs), and a minimum of 35 per cent reserved for retail investors.

The equity shares of Kross Ltd. will be listed on both the BSE and NSE, providing investors with liquidity and trading opportunities.