Ahead of the listing, the company’s shares traded with a GMP of 10%.
Kross Ltd has raised around Rs 150 crore from 19 anchor investors ahead of its IPO. Marquee anchor investors who participated in the anchor round include EastSpring Investments, Matthews Asia Funds, LIC MF, ICICI Prudential, Axis MF, Kotak Mahindra Trustee, Alps/ Kotak, Invesco India, Motilal Oswal among others.
The IPO proceeds will be used by the management to repay debt and fund future growth which will likely boost earnings growth for the company.
Kross is a prominent manufacturer of a wide range of forged and machined components in India, with a growing export presence globally.
Also read: Tolins Tyres shares list at nearly 1% premium over IPO price It manufactures a wide range of high performance and safety critical components for the commercial vehicle and tractor segment and operates out of its five manufacturing facilities in Jamshedpur, Jharkhand which are equipped with capabilities to design, develop and manufacture its diverse product portfolio.The company, which counts Ashok Leyland and Tata International DLT as its key clients, supplies its products to a diversified client base which includes large original equipment manufacturers (OEMs) manufacturing M&HCV and tractors, tier one suppliers to the OEMs in the M&HCV segment, domestic dealers and fabricators for its trailer axle and suspension business.
It has also attracted new customers such as Leax Falun AB, a Sweden based company manufacturing propeller shafts for commercial vehicle OEMs and a Japan based OEM manufacturing commercial vehicles.
For the year ended March 2024, revenue from operations increased 27% year-on-year to Rs 620 crore, while net profit after tax increased 45% to Rs 44.8 crore. Its revenue, EBITDA and PAT has grown at a CAGR of 44.4%, 65.5% and 91.8%, respectively over FY22-24.
Equirus Capital acted as the sole book running lead manager to the offer.
Source link
