Kross IPO to open on Sep 9; sets price band at Rs 228-240/share

New Delhi: Auto parts manufacturer Kross Ltd on Wednesday said it has fixed a price band of Rs 228 to Rs 240 per share for its Rs 500-crore initial public offering (IPO).

The initial share sale will open for public subscription on September 9 and conclude on September 11, and the bidding for anchor investors will open for a day on September 6, the company announced.

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

The OFS portion consists of equity shares to the tune of up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai.

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.

Bids can be made for a minimum of 62 equity shares and in multiples of 62 equity shares thereafter.

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 for the issue. The equity shares are proposed to be listed on the BSE and the NSE.