Stove Kraft Gets SEBI Nod For IPO Launch

Stove Kraft Ltd, the manufacturer of kitchen appliances, has received permission from markets regulator SEBI to float its initial public offering (IPO). The public offer will comprise a fresh issue of equity shares aggregating up to Rs 145 crore and an offer for sale of up to 71.63 lakh equity shares, according to the draft red herring prospectus (DRHP).

The offer for sale (OFS) comprises about 6.40 lakh shares by promoter Rajendra Gandhi; up to 2.50 lakh shares by promoter Sunita Rajendra Gandhi, up to 13.11 lakh shares by Sequoia Capital India Growth Investment Holdings and up to 49.61 lakh shares by SCI Growth Investments II, the DRHP noted.

The company had filed its draft papers with the regulator in February.

The company's shares are proposed to be listed on stock exchanges.

The book running lead managers to the offer are Edelweiss Financial Services and JM Financial.

The company is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under Pigeon and Gilma brands.

It is a kitchen solutions and an emerging home solutions brand. The kitchen solutions comprise cookware and cooking appliances across brands, and home solutions comprise various household utilities, including consumer lighting.