Sep 9, 2024
By: Sourabh Jain
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Jharkhand-based Kross’s initial public offering (IPO) will open on Monday, September 9, and close on Wednesday, September 11.
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Kross has fixed a price band of ₹228-₹240 per share for its public issue.
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Kross is a Jharkhand-based manufacturer and supplier of trailer axles and suspensions. It offers forged and precision machined safety critical parts.
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Kross is looking to raise ₹500 crore from the current IPO. This includes a fresh issue of ₹250 crore and an offer for sale (OFS) component of ₹250 crore.
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Investors can bid for a minimum of 62 shares and in multiples of 62 shares thereafter.
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The company, founded in 1991 currently has five manufacturing facilities in Jamshedpur, Jharkhand. As of June 30, 2024, Kross Limited reported 528 permanent employees.
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The company’s income was ₹621.46 crore in FY24, up from ₹489.36 crore in FY23. The company reported a profit of ₹44.88 crore in FY24, up from ₹30.93 crore profit reported in FY23.
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The company’s top five customers account for nearly 70 percent of its revenue. Any changes in the orders from these customers could have an adverse impact on the company.
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The funds raised will be used to fund the capital expenditure requirements, repayment of borrowings, funding working capital and general corporate purposes.
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