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Stove Kraft IPO to open on January 25, price band set at Rs 384-385

Promoters Rajendra Gandhi and Sunita Rajendra Gandhi, currently, hold 1,84,43,919 equity shares, representing 61.31 percent of the pre-offer paid-up equity capital of the company.

January 25, 2021 / 04:29 PM IST

Stove Kraft, one of the leading brands for kitchen appliances in India, has decided to launch its initial public offering for subscription on January 25. And this would be the fourth company to open an IPO in the month of January, after Indian Railway Finance Corporation which closed on January 20, Indigo Paints, which remains open for bidding, and Home First Finance Company, which opens today.

The price band for the issue, which will close on January 28, has been fixed at Rs 384-385 per share.

The public issue comprises a fresh issue of Rs 95 crore by the company and an offer for sale of 82.50 lakh shares by promoters and investors.

The offer for sale consists a 6,90,700 equity shares by promoter Rajendra Gandhi, 59,300 equity shares by promoter Sunita Rajendra Gandhi, 14,92,080 shares by Sequoia Capital India Growth Investment Holdings I, and 60,07,920 shares by SCI Growth Investments II.

The company will utilise its net proceeds from the fresh issue for repayment of certain borrowings (Rs 76 crore) and general corporate purposes.

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Investors can bid for a minimum of 38 equity shares and in multiples of 38 shares thereafter.

The Sequoia Capital-backed kitchen solutions company is one of the dominant players for pressure cookers and amongst the market leaders in the sale of free-standing hobs and cooktops.

It is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under Pigeon and Gilma brands, and propose to commence manufacturing of kitchen solutions under the BLACK + DECKER brand, covering the entire range of value, semi-premium, and premium kitchen solutions, respectively.

Promoters Rajendra Gandhi and Sunita Rajendra Gandhi, currently, hold 1,84,43,919 equity shares, representing 61.31 percent of the pre-offer paid-up equity capital of the company.

Edelweiss Financial Services and JM Financial are the book running lead managers to the issue.
Moneycontrol News
first published: Jan 21, 2021 08:36 am
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