Stove Kraft IPO Subscribed 90% On Day 1

Retail interests was high on the first day of Stove Kraft Ltd.’s initial public offering, deriving optimism from the success of recent share sales at a time when Indian equities are scaling new peaks.

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.