Kross Limited Announces IPO Launch on September 9, 2024

Price band set at ₹228-240 per share; bidding closes on September 11

Jamshedpur-based Kross Limited unveils its initial public offering, combining fresh issue and offer for sale totaling ₹500 crore.

JAMSHEDPUR – Kross Limited, a leading forged and machined components manufacturer, is set to open its initial public offering (IPO) on September 9, 2024, with a price band of ₹228-240 per equity share.

The IPO comprises a fresh issue of ₹250 crore and an offer for sale of ₹250 crore.

Anchor investor bidding is scheduled for September 6, 2024, with the offer closing on September 11, 2024.

Investors can bid for a minimum of 62 equity shares and in multiples thereof.

The company plans to use the fresh issue proceeds for capital expenditure (₹70 crore), debt repayment (₹90 crore), working capital requirements (₹30 crore), and general corporate purposes.

Sudhir Rai and Anita Rai are offering equity shares worth ₹168 crore and ₹82 crore respectively in the offer for sale.

The equity shares will be listed on BSE Limited and National Stock Exchange of India Limited, with NSE as the designated stock exchange.

Equirus Capital Private Limited is serving as the book running lead manager for the offer.

Established in 1991, Kross Limited operates five manufacturing facilities in Jamshedpur, Jharkhand, producing high-performance components for the commercial vehicle and tractor segments.

The company’s client base includes major OEMs like Ashok Leyland and Tata International DLT Private Limited, along with tier-one suppliers and domestic dealers.

Kross Limited’s Red Herring Prospectus, dated September 2, 2024, has been filed with the Registrar of Companies, Jharkhand at Ranchi, SEBI, and the stock exchanges.

The IPO presents an opportunity for investors to participate in the growth of a well-established manufacturer with a strong presence in the automotive components sector.