Stove Kraft IPO Subscribed 90% On Day 1
A shopper holds a gas burner base and cap of a Hotpoint cooker hob. (Photographer: Jason Alden/Bloomberg)

Stove Kraft IPO Subscribed 90% On Day 1

Retail interests was high on the first day of Stove Kraft Ltd.’s initial public offering, deriving optimism from the success of recent share sales at a time when Indian equities are scaling new peaks.

The issue was subscribed 0.9 times (90%) as of 5 p.m. on Jan. 25, according to data available on the bourses. The IPO will close on Jan. 28.

Subscription details:

  • Institutional investors: 0.0 times

  • High net worth individuals: 0.05 times

  • Retail investors: 5.4 times

Also read: Stove Kraft IPO: Here’s All You Need To Know

The maiden offer comprises a fresh equity issue worth Rs 95 crore and a Rs 317.6-crore offer-for-sale by institutional investors Sequoia Capital India Investment Holdings I, SCI Growth Investments II and promoters Rajendra Gandhi and Sunita Gandhi. The Bengaluru-based kitchen appliances firm will use the entire proceeds from the fresh issue to pare debt.

Stove Kraft makes pressure cookers, free-standing hobs and cooktops among other appliances under the Pigeon and Gilma brands. It has the licence to sell U.S.-based Black+Decker brand in India.

Also read: Stove Kraft IPO Analysis By ICICI Direct

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