Kross Limited is set to open its bid/offer for its initial public offering (IPO) of equity shares on Monday, September 9, 2024. The total offering consists of a fresh issue amounting to ₹250 crore and an offer for sale (OFS) of up to ₹250 crore.
The Anchor Investor Bidding date is scheduled for Friday, September 6, 2024, while the bid offer will close on Wednesday, September 11, 2024. The price band for the offer is set between ₹228 and ₹240 per equity share. Bids can be placed for a minimum of 62 equity shares and in multiples of 62 shares thereafter.
Kross Limited plans to use the net proceeds from the fresh issue for various purposes, including funding capital expenditures for purchasing machinery and equipment estimated at ₹70 crore, repayment or prepayment of certain outstanding borrowings amounting to ₹90 crore, working capital requirements of ₹30 crore, and the remainder for general corporate purposes.
The offer for sale includes equity shares aggregating ₹168 crore by Sudhir Rai and equity shares worth ₹82 crore by Anita Rai.
The equity shares will be offered through the company’s Red Herring Prospectus, dated September 2, 2024, which has been filed with the Registrar of Companies (RoC) in Jharkhand, SEBI, and the stock exchanges. These shares are expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE), with NSE being the designated stock exchange for the offer.
Equirus Capital Private Limited is serving as the book running lead manager for the IPO.
