Kross Ltd also known as Kross Manufacturers (India) Private Limited, the automotive parts manufacturer, on Friday, said it has raised around ₹150 crore ( ₹149.99 crore) from investors in its anchor round, ahead of the company's proposed initial public offering (IPO), according to the company press release.
As per the exchange filing, the company has allocated 62,49,999 or 62.49 lakh equity shares to its anchor investors at an allocation price of ₹240 per share to 19 anchor investors at a face value of ₹5 per share.
The investor pool in Kross's anchor round includes EastSpring Investments, Mathews Asia Funds, LIC MF, ICICI Prudential, Axis Mutual Fund, Kotak Mahindra Trustee, Alps/ Kotak India, Invesco India, Motilal Oswal, Optimix, Natixis, Edelweiss, Max Life Insurance and BOI MF, as per the exchange filing.
ICICI Prudential, Kotak Mahindra Trustee, and EastSpring Investments were some of the top anchor investors to receive an 8.67 per cent allocation in the anchor issue, as per exchange filing data.
The company notified the exchange about the total allocation of 62,49,999 equity shares to the anchor investors, out of which 3,916,631 equity shares were allocated to nine domestic mutual funds through 13 schemes.
The Jamshedpur-based Kross Ltd. public issue will open for subscription on Monday, September 9 and will close for public bidding on Wednesday, September 11. The price band for the IPO has been set between ₹228 and ₹240 per share.
The auto parts maker aims to raise ₹500 crore from its public offer. Kross IPO is a fresh issue of 1.04 crore shares worth ₹250 crore and an offer for sale (OFS) issue worth ₹250 crore, as per the company's draft red herring prospectus (DRHP).
The public offer is reserved 50 per cent for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors, and 35 per cent for retail bidders.
The company aims to use the money raised from the public issue to fund capital expenditures like purchasing machinery and equipment, repaying or prepaying certain outstanding borrowings, funding working capital requirements, and covering general corporate purposes.
Equirus Capital Private Limited is the book runner for the public offer and Kfin Technologies Limited is the registrar.
The company deals with manufacturing and supplying 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, as per company data.
