Jamshedpur based Kross Limited initial public offering to open on September 9

Jamshedpur: Kross Limited shall open its Bid/Offer in relation to its initial public offering of Equity Shares on Monday, September 9, 2024.

The total offer size includes a Fresh Issue aggregating up to ₹ 250 crore and an Offer for Sale aggregating up to ₹ 250 crore.

The Anchor Investor Bidding date shall be on Friday, September 6, 2024 and the Bid Offer will be closed on Wednesday, September 11, 2024.

The Price band of the offer is ₹ 228 to ₹ 240 per Equity Share.

Bids can be made for a minimum of 62 Equity Shares and in multiples of 62 Equity Shares thereafter.

The Company proposes to utilize net proceeds from the Fresh Issue towards Funding of capital expenditure requirements towards purchase of machinery and equipment estimated to be ₹ 70 crore; Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed from banks and financial institutions estimated to be ₹ 90 crore; Funding working capital requirements estimated to be ₹ 30 crore; and balance amount towards General corporate purposes.

The Offer for Sale comprises of Equity shares aggregating up to ₹168 crore by Sudhir Rai and Equity shares aggregating up to ₹ 82 crore by Anita Rai.

 The Equity Shares are being offered through the Red Herring Prospectus of the Company dated September 2, 2024 filed with the Registrar of Companies, Jharkhand at Ranchi (“ROC”), SEBI and the Stock Exchanges.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the stock exchanges being BSE Limited and National Stock Exchange of India Limited. For the purposes of the Offer, the Designated Stock Exchange shall be NSE.

Equirus Capital Private Limited is the Book Running Lead Manager to the Offer

Established in 1991, Kross Limited is a prominent manufacturer of a wide range of forged and machined components in India, with a growing export presence globally. It manufactures a wide range of high performance and safety critical components for the commercial vehicle and tractor segment and operates out of its five manufacturing facilities in Jamshedpur, Jharkhand which are equipped with capabilities to design, develop and manufacture its diverse product portfolio.

The company which counts Ashok Leyland and Tata International DLT Private Limited as its key clients supplies its products to a diversified client base which includes large original equipment manufacturers (“OEMs”) manufacturing M&HCV and tractors, tier one suppliers to the OEMs in the M&HCV segment, domestic dealers and fabricators for its trailer axle and suspension business.