Kross IPO Opens Today, September 9, 2024

9 Sep 2024 , 01:03 PM

The initial public offering (IPO) of auto parts manufacturer Kross Ltd opened for public subscription on Monday, September 9. The IPO has a price band set between ₹228 – ₹240 per share.

At the time of writing on the first day, the IPO was subscribed 0.44 times. Non-institutional investors subscribed 0.20 times, while retail individual investors (RIIs) subscribed 0.79 times. The IPO will be open for subscription from September 9 to September 11.

Share allotment for the Kross IPO is expected to be finalized on September 12, with shares listed on the BSE and NSE on September 16.

Kross Ltd raised ₹150 crore from anchor investors prior to the public subscription. Key anchor investors include EastSpring Investments, Mathews Asia Funds, LIC Mutual Fund, ICICI Prudential MF, Axis MF, Kotak Mahindra MF, Motilal Oswal MF, Edelweiss MF, and Max Life Insurance Company.

The IPO comprises a fresh issue of equity shares worth ₹250 crore and an offer-for-sale (OFS) of up to ₹250 crore by promoters. The OFS includes up to ₹168 crore from Sudhir Rai and ₹82 crore from Anita Rai.

Net proceeds from the fresh issue will be used for purchasing machinery, paying off debt, funding working capital, and general corporate purposes. Bids can be made for a minimum of 62 equity shares and in multiples of 62 shares thereafter.

Founded in 1991, Kross manufactures trailer axles, suspension assemblies, and high-performance safety-critical parts for commercial vehicles and farm equipment. Equirus Capital is the sole book-running lead manager for the issue.