Stove Kraft Shares Subscribed 7.4 Times On Last Day
Investor interests remained high on the third day of Stove Kraft Ltd.’s initial public offering, deriving optimism from Indian equities scaling new peaks.
Institutional investors, that had stayed away, also subscribed to the kitchen appliance maker’s maiden offer on the last day.
The issue was subscribed 7.4 times as of 2:30 p.m. on Jan. 28, according to data available on the bourses.
Institutional investors: 4.5 times
High net worth individuals: 3.6 times
Retail investors: 21.7 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.