Kross Ltd. Sets Price Band for Rs 500 Crore IPO

Auto parts manufacturer Kross Ltd has set a price band of Rs 228 to Rs 240 per share for its Rs 500-crore initial public offering. The IPO comprises a fresh issue of equity shares worth Rs 250 crore and an offer-for-sale by promoters. Proceeds will be used for machinery, debt payment, and working capital.

Auto parts manufacturer Kross Ltd on Wednesday announced a price band of Rs 228 to Rs 240 per share for its Rs 500-crore initial public offering (IPO).

The share sale will open to the public for subscription from September 9 to September 11, with anchor investor bidding set for September 6.

Based in Jamshedpur, the company's IPO includes a fresh equity issue worth Rs 250 crore and an offer-for-sale (OFS) totaling up to Rs 250 crore by the promoters. The OFS features equity shares worth Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai.

Kross aims to use the net proceeds from the fresh issue for purchasing machinery and equipment, settling debt, and funding working capital requirements, as well as general corporate purposes.

Investors can bid for a minimum of 62 equity shares, and in multiples of 62 thereafter. Founded in 1991, Kross manufactures and supplies various high-performance parts for commercial vehicles and farm equipment. Equirus Capital is the lead manager for the issue, and shares are proposed to be listed on the BSE and NSE.

(With inputs from agencies.)