New Delhi: Kross Ltd, a manufacturer of automotive parts, will launch its Rs 500-crore initial public offering for public subscription on September 9. According to the Red Herring Prospectus (RHP), the three-day Initial Public Offering (IPO) will end on September 11 and the anchor investors bidding will start on September 6 for a day.
The IPO of the company from Jamshedpur involves issuing new equity shares worth Rs 250 crore and an Offer for Sale (OFS) of up to Rs 250 crore by the promoters. Kross suggests using the funds from the new issue for buying machinery and equipment, settling debt, and supporting the company's working capital needs. Additionally, some of the funds will be allocated for various corporate needs.
Established in 1991, Kross is a well-rounded company that specializes in producing and distributing trailer axle and suspension assembly, as well as a variety of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment sectors. Equirus Capital is responsible for managing the issue as the book-running lead manager. It is intended that the equity shares will be listed on both the BSE and the NSE.
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