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Stove Kraft IPO To Open On 25 January: Things To Know

By Staff

The initial public offering (IPO) of Stove Kraft Ltd, manufacturer of kitchen appliances, is set to open on 25 January. The company has fixed a price band of Rs 384-385 a share for the issue.

It will be the fourth IPO of the calendar year 2021, after Indian Railway Finance Corp, Indigo Paints and Home First Finance Company India.

The 3-day initial share-sale will close on 28 January.

Stove Kraft IPO To Open On 25 January: Things To Know

The public issue comprises a fresh issue of Rs 95 crore by the company and a Rs 317.6 crore offer for sale (OFS) by promoters and investors. The OFS consists of 82.50 lakh shares by promoters and investors.

As per Stove Kraft IPO's draft prospectus, the OFS includes 6.9 lakh equity shares by promoter Rajendra Gandhi, 59,300 equity shares by promoter Sunita Rajendra Gandhi, 14.92 lakh shares by Sequoia Capital India Growth Investment Holdings I, and 60.07 lakh shares by SCI Growth Investments II.

At the upper-end of the price band, the IPO is expected to fetch Rs 412.62 crore, said the Sequoia Capital-backed company in a virtual press conference.

Retail investors participating in the IPO can bid for a minimum of 38 equity shares and in multiples of 38 shares thereafter.

The IPO's anchor investors' portion will open for subscription on 22 January 2021.

Edelweiss Financial Services Limited and JM Financial Limited are the Book Running Lead Managers to the offer.

The company said that it will utilise its net proceeds from the fresh issue for repayment or pre-payment of certain borrowings and general corporate purposes.

Stove Kraft is a kitchen solutions and an emerging home solutions brand.

The company is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under Pigeon and Gilma brands. It offers a wide range of products including pressure cookers, non-stick cookware, gas and induction cooktops, mixer grinders, chimneys and hobs among others. Its manufacturing facilities are located in Bangalore and at Baddi, Himachal Pradesh.

Read more about: ipo
Story first published: Friday, January 22, 2021, 14:53 [IST]
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