Business: The public subscription period for the Cross IPO, which has a price band of ₹228-240 per share, opened on September 9 and will end on September 11. Bids can be made for a minimum of 62 equity shares, and in multiples of 62 equity shares thereafter. The Jamshedpur-based firm’s IPO comprises an offer for sale (OFS) by the founders aggregating up to ₹250 crore and a fresh issue of equity shares worth ₹250 crore. The equity shares forming the OFS portion are valued at up to ₹168 crore for Sudhir Rai and ₹82 crore for Anita Rai.
Cross intends to use the net proceeds of the fresh offering to repay debt, support the company’s working capital needs, and purchase machinery and equipment. Additionally, a percentage will be applied to general business needs. Founded in 1991, Cross is a versatile company specialising in the production and supply of trailer axles and suspension assemblies as well as high performance safety critical parts that are precision machined and forged for the medium and heavy commercial vehicle and agricultural equipment markets.
