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Stove Kraft IPO to open next week, price band fixed at ₹384-385 a share
1 min read.Updated: 21 Jan 2021, 03:58 PM ISTStaff Writer( with inputs from Agencies )
Stove Kraft's initial share-sale offer comprises a fresh issue of equity shares aggregating up to ₹95 crore and an offer for sale of up to 82.50 lakh equity shares
The IPO of Stove Kraft Ltd, a manufacturer of kitchen appliances, will open for subscription on January 25 and conclude on January 28. The company has fixed a price band of ₹384 to ₹385 per equity share. Stove Kraft's initial share-sale offer comprises a fresh issue of equity shares aggregating up to ₹95 crore and an offer for sale of up to 82.50 lakh equity shares.
The offer for sale comprises up to 6,90,700 shares by promoter Rajendra Gandhi; up to 59,300 shares by promoter Sunita Rajendra Gandhi; up to 14,92,080 shares by Sequoia Capital India Growth Investment Holdings and up to 6,007,920 shares by SCI Growth Investments II.
Bids can be made for a minimum of 38 equity shares and in multiples of 38 equity shares thereafter.
The net proceeds from the fresh issue will be utilised towards debt repayment and general corporate purposes.
Edelweiss Financial Services Limited and JM Financial Limited are the Book Running Lead Managers to the Offer.
At the upper end of the price band, the initial public offer (IPO) is expected to fetch ₹412.62 crore, Sequoia Capital-backed company said.
This would be the fourth company to launch an IPO in this year, after Indian Railway Finance Corporation which concluded on Wednesday, while Indigo Paints and Home First Finance Company are currently open for public subscription.
Stovekraft Limited is into business of kitchen appliances. Its flagship brands include Pigeon and Gilma. It offers kitchen solutions through our wide range of products including pressure cookers, non-stick cookware, gas and induction cook tops, mixer grinders, chimneys and hobs among others. The company has manufacturing facilities in Bangalore and at Baddi, Himachal Pradesh. (With Agency Inputs)