Kross Limited IPO: Price Band Set at ₹228-240, All You Need to Know About the ₹500 Crore Offering

The Kross Limited IPO, formerly known as Kross Manufacturers (India) Private Limited, has set its price band between ₹228 and ₹240 per share. The company plans to raise ₹500 crore through this IPO, which includes a fresh issue of 1.04 crore shares worth ₹250 crore and an offer for sale of 1.04 crore shares, also totaling ₹250 crore.

The IPO will be open for bidding from Monday, September 9, to Wednesday, September 11. Of the total offering, 50% is reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs).

Equirus Capital Private Limited is the book-running lead manager for the IPO, and Kfin Technologies Limited is the registrar.

The funds raised from the IPO will be used for several purposes, including buying machinery and equipment, repaying or prepaying certain borrowings, funding working capital needs, and general corporate expenses.

The allotment of shares is expected to be finalized on Thursday, September 12, 2024, with the shares likely to be listed on both the BSE and NSE on Monday, September 29, 2024.

Retail investors can participate by bidding for at least one lot, which consists of 62 shares, requiring a minimum investment of ₹14,880.

About Kross

Kross is known for manufacturing and supplying trailer axles, suspension assemblies, and other high-performance, safety-critical parts for medium and heavy commercial vehicles (M&HCV) and farm equipment. The company began producing trailer axles and suspension assemblies in 2019 and has grown rapidly since then.

Kross has built strong relationships with several major domestic and global Original Equipment Manufacturers (OEMs), including Ashok Leyland Limited, one of India’s leading automobile companies, and a major Indian farm equipment company. It has been associated with these companies for over 18 years. The company has also been working with Tata International DLT Private Limited since 2019.

Kross operates from five manufacturing facilities in Jamshedpur, Jharkhand, and has become one of the fastest-growing players in the organized trailer axle manufacturing industry.