Kross Ltd. raised Rs 149 crore from anchor investors on Friday ahead of its initial public offering. The company allotted 62.49 lakh shares at Rs 240 apiece to 19 anchor investors.
ICICI Prudential Transportation and Logistics Fund, Kotak Mahindra Trustee Co., A/C Kotak Manufacture In India Fund, Eastspring Investments India Fund and ALPS/Kotak Inda ESG Fund got the highest allocation of 8.67%.
Invesco India Smallcap Fund, Motilal Oswal Large Cap Fund, Optimix Wholesale Global Emerging Markets Share Trust, Natixi International Funds (Lux)-Loomis Sayles Global Emerging Markets Equity Fund and Tata Infrastructure Fund got the second highest allotment of 6.67%.
Nine domestic mutual funds have applied through 13 schemes, Kross said in an exchange filing on Friday. They have collectively netted 62.67% of the anchor portion.
ICICI Prudential, Axis Mutual Fund and Kotak Mahindra were among the top fund houses in this category. Equirus Capital Pvt. was the book-running lead manager to the issue.
The company will launch its initial public offering on Monday to raise up to Rs 500 crore. It has set a price band of Rs 228–240 per share for its three-day IPO, which comprises a combination of fresh issue of equity shares worth Rs 250 crore and an offer for sale of equity shares worth another Rs 250 crore. The minimum application lot size is 62 shares.
The offer, which concludes on Wednesday, is set to list on the BSE and the National Stock Exchange.
Of the IPO proceeds, Rs 70 crore will be used for the purchase of machinery and equipment and Rs 30 crore for working capital requirements. Further, Rs 90 crore will be used for repaying debt, while the remaining funds will be kept for general corporate purposes.
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