Kross IPO Opens On 09 Sept; Seeks To Raise Rs 500 Cr
The price band for the issue is fixed at Rs 228 to 240 per equity share
The initial public offering (IPO) of kross opened for public subscription on 9 September in an attempt to raise Rs 500 crore from the public market.
The Rs 500 crore IPO consisted of fresh issues of up to Rs 250 crore and an offer-for-sale (OFS) worth Rs 250 crore by promoter and investor selling shareholders.
The price band for the issue is fixed at Rs 228 to 240 per equity share. Retail investors can bid for a maximum of 13 lots where one lot containing 62 shares requires a minimum capital of 14,880.
The issue opened on 09 September and will be closed on 11 September. The allotment for the issue will be finalised on 12 September followed by its listing on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 16 September.
Equirus Capital is the book running lead manager, while Kfin Technologies is the registrar to the offer.
IPO Objectives
The net proceeds of Rs 250 crore from the fresh issue will be utilised towards the purchase of machinery and equipment and repayment of the outstanding borrowings.
Additionally, the funds will also be used for funding capital expenditure requirements for purchase of equipment and general corporate purposes.
Moreover, the firm will also get benefits on listing in the public market which will enhance the brand’s visibility and provide liquidity to the shareholders.
Firm’s Financials
Kross registered the revenue of Rs 621 crore in FY 23-24 against Rs 489 crore in FY 22-23. The profit after tax (PAT) increased to Rs 44.88 crore in FY 24 against Rs 30.93 crore in FY 23.
Overall, the revenue increased by 27 per cent, whereas PAT climbed 45 per cent between FY 23 and FY 24.
