Kross Ltd. has announced to open its initial public offering (IPO) of equity on Monday, September 9, in the price band of ₹228 to ₹240 per share.

The total offer size of the IPO includes a fresh issue aggregating up to ₹250 crore and an Offer for Sale aggregating up to ₹250 crore. The IPO will be closed on Wednesday, September 11, 2024.

Bids can be made for a minimum of 62 equity shares and in multiples of 62 shares thereafter.

The company proposes to utilise net proceeds from the fresh issue towards funding of capital expenditure requirements towards purchase of machinery and equipment estimated to be ₹70 crore, repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed from banks and financial institutions estimated to be ₹90 crore; funding working capital requirements estimated to be ₹30 crore; and balance amount towards general corporate purposes.

The Offer for Sale comprises equity shares aggregating up to ₹168 crore by Sudhir Rai and shares aggregating up to ₹82 crore by Anita Rai, who are the Promoter Selling Shareholders.