In advance of its initial public offering (IPO), auto parts manufacturer Kross Ltd. announced on Friday that it had raised Rs 150 crore from anchor investors.

The anchor investors include Max Life Insurance Company, EastSpring Investments, Mathews Asia Funds, LIC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak Mahindra MF, Edelweiss MF, and ICICI Prudential MF.

A circular that was posted on the website of the BSE states that Kross Ltd. received approximately Rs 150 crore from 19 funds, including mutual funds, by issuing 6.2 million equity shares at the highest possible price of Rs 240 per equity share.

The promoters' initial public offering (IPO) in Jamshedpur consists of an Offer for Sale (OFS) and a fresh issue of equity shares totaling Rs 250 crore. Equity shares worth up to Rs 168 crore from Sudhir Rai and Rs 82 crore from Anita Rai make up the OFS portion.

The public subscription period for the issue, which has a price range of Rs 228-240 per share, will begin on September 9 and end on September 11.

Kross wants to use the net proceeds from the new issue to buy machinery and equipment, pay off debt, and pay for the company's working capital needs. Additionally, a portion will be utilized for general company functions. Bids can be made for as few as 62 equity shares and as many equity shares as needed after that.

Kross is a multifaceted company that specializes in the production and supply of trailer axle and suspension assemblies, as well as a wide variety of forged and precisely machined high-performance safety-critical parts for the medium and heavy commercial vehicle and farm equipment markets.

The only book-running lead manager for the issue is Equirus Capital. It is planned that the equity shares will be listed on the BSE and the NSE.