Kross Ltd's Rs 500-Crore IPO Set for September Launch

Auto parts manufacturer Kross Ltd will float its Rs 500 crore initial share sale on September 9. The IPO includes a fresh issue of equity shares worth Rs 250 crore and an Offer for Sale by the promoters of up to Rs 250 crore. Proceeds will be used for machinery, debt repayment, and working capital.

Kross Ltd, an auto parts manufacturer, is set to launch a Rs 500-crore initial share sale for public subscription on September 9.

The three-day Initial Public Offering (IPO) will conclude on September 11, with bidding for anchor investors opening a day earlier on September 6, according to the Red Herring Prospectus (RHP).

The Jamshedpur-based company's IPO comprises a fresh issue of equity shares worth Rs 250 crore and an Offer for Sale (OFS) aggregating up to Rs 250 crore by the promoters. The net proceeds from the fresh issue will be utilized for purchasing machinery and equipment, repaying debt, and funding the company's working capital requirements, with a portion allocated for general corporate purposes.

Founded in 1991, Kross is a diversified player focused on the manufacturing and supply of trailer axles and suspension assemblies, along with a wide range of forged and precision machined high-performance safety-critical parts for medium and heavy commercial vehicles and farm equipment segments. Equirus Capital is the book-running lead manager for the issue, and the equity shares are proposed to be listed on the BSE and the NSE.

(With inputs from agencies.)