High net-worth and retail investors piled into the initial public offering of Stove Kraft Ltd. on its last day, buoyed by the success of recent share sales at a time when Indian equities are scaling new peaks.
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 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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