Stove Kraft Raises Rs 185 Crore From Anchor Investors Ahead Of IPO
A shopper holds a gas burner base and cap of a Hotpoint cooker hob. (Photographer: Jason Alden/Bloomberg)

Stove Kraft Raises Rs 185 Crore From Anchor Investors Ahead Of IPO

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Stove Kraft Ltd., manufacturer of kitchen appliances, has raised Rs 185 crore from anchor investors ahead of its initial public offer, which will open for subscription on Jan. 25.

A total of 48,22,290 shares have been allotted to 32 anchor investors at Rs 385 apiece, which is the upper end of the price band. At this price, the company raised Rs 185.68 crore, according to a BSE circular issued.

Among the anchor investors are Goldnan Sachs India, Nippon Life India Trustee, Bajaj Allianz Life Insurance Co., IIFL Special Opportunities Fund, Integrated Core Strategies Asia Pte and Sundaram Mutual Fund.

Stove Kraft's initial share-sale offer comprises a fresh issue of equity shares aggregating up to Rs 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 60,07,920 shares by SCI Growth Investments II.

The price band has been set at Rs 384-385 per share for the initial share-sale, which would be open for public subscription during Jan. 25-28.

At the upper end of the price band, the IPO is expected to fetch Rs 412.62 crore.

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