Stove Kraft Shares Subscribed 2.9 Times On Day 2 Of IPO
Natural gas burns on a stove top . (Photographer Suzanne Plunkett/Bloomberg News)

Stove Kraft Shares Subscribed 2.9 Times On Day 2 Of IPO

While institutional investors stayed away, retail interest continued to remain high on the second day of Stove Kraft Ltd.’s initial public offering amid optimism about equity markets that recently scaled record highs.

The issue was subscribed 2.9 times as of 5:00 p.m. on Jan. 27, according to data available on the bourses. The IPO will close on Jan. 28.

Subscription details:

  • Institutional investors: 0.08 times
  • High net worth individuals: 1.85 times
  • Retail investors: 13.07 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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