Kross set to float ₹500-crore IPO on Sep 9

Auto parts manufacturer Kross Ltd. is set to float its ₹500-crore initial share sale on September 9 for public subscription.

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

Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth ₹250 crore and an Offer for Sale (OFS) aggregating up to ₹250 crore by the promoters.

Kross proposes to utilise the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes.

Founded in 1991, Kross is a diversified player focused on manufacturing and supply of trailer axle and suspension assembly and 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 to the issue. The equity shares are proposed to be listed on the BSE and the NSE.