Kross Ltd. Secures Rs 149 Crore from Anchor Investors Ahead of IPO

Kross Ltd. has raised Rs 149 crore from anchor investors in preparation for its initial public offering (IPO) scheduled to launch on Monday. The company allotted 62.49 lakh shares at Rs 240 each to 19 anchor investors. The largest allocations were given to ICICI Prudential Transportation and Logistics Fund, Kotak Mahindra Trustee Co. A/C Kotak Manufacture In India Fund, Eastspring Investments India Fund, and ALPS/Kotak India ESG Fund, each receiving 8.67%.

Other significant recipients of the allocation include Invesco India Smallcap Fund, Motilal Oswal Large Cap Fund, Optimix Wholesale Global Emerging Markets Share Trust, Natixis International Funds (Lux) - Loomis Sayles Global Emerging Markets Equity Fund, and Tata Infrastructure Fund, each getting 6.67%.

An exchange filing by Kross revealed that nine domestic mutual funds participated through 13 schemes, securing 62.67% of the anchor allotment. Notable fund houses in this group included ICICI Prudential, Axis Mutual Fund, and Kotak Mahindra. Equirus Capital Pvt. served as the book-running lead manager for the IPO.

The IPO aims to raise up to Rs 500 crore with a price band set between Rs 228 and Rs 240 per share. It will be open for three days, featuring a fresh issue of equity shares worth Rs 250 crore and an offer for sale of equity shares valued at another Rs 250 crore. The minimum application lot size is 62 shares.

The offer will conclude on Wednesday and is expected to be listed on the BSE and the National Stock Exchange. The proceeds will be used for acquiring machinery and equipment (Rs 70 crore), working capital (Rs 30 crore), debt repayment (Rs 90 crore), and general corporate purposes.