Stove Kraft IPO final day

Stove Kraft launched its maiden public offering earlier this week, which has been subscribed by 3.7 times on 28th January, the final day of bidding. There was a total of 2.17 crore bids, which have been placed by investors against the IPO size of 58.94 lakh equity shares.

The portion reserved for Qualified Institutional Buyers has been subscribed by 47 per cent whereas the reserved portion for non-institutional investors has been subscribed 2.18 times and that of retail investors by 15.7 times.

Stove Kraft is one of the leading brands specializing in kitchen appliances in India. The Initial Public Offering was launched on 25th January. The issue consisted of a fresh issue of Rs 95 Crores and an offer for sale of 82.50 lakh by investors and promoters. The company raised Rs. 185 crores from anchor investors last Friday.

The price band for the issue was fixed at Rs 384-385 per share. Stove Kraft is one of the dominant players for pressure cookers and amongst the leading manufacturers of cook tops and hobs. Its competitors include TTK Prestige and Hawkins.