IPO
Forging components maker Kross’ Rs.500-Cr IPO subscribed 17 times
The initial public offer (IPO) of Jamshedpur-based Kross received 25,61,58,394 bids as against 1,53,50,877 shares on offer. The issue was subscribed 16.69 times. The price band of the IPO is fixed between INR 228 and INR 240 per share.The IPO consists of a fresh issue of equity shares for INR 250 crore and an offer for sale (OFS) INR 250 crore by existing shareholders Sudhir Rai and Anita Rai. The promoters and promoter group held an aggregate of 99.99% of the pre-offer issued and paid-up equity share capital. The post-IPO shareholding is expected to be around 67.70%.The funds raised will be used towards purchase of machinery and equipment, for repayment or prepayment of debt and also for working capital requirements.Established in 1991, Kross is focused on the manufacturing and supply of trailer axle and suspension assembly, along with a variety of forged and precision-machined high-performance safety-critical parts for medium and heavy commercial vehicles, as well as farm equipment sectors.
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