Stove Kraft Ltd.'s initial public offering oversubscribed on the second day, driven by high demand from retail investors amid successes of recent share sales at a time Indian equities are scaling new peaks.
The issue was subscribed 1.6 times as of 12.30 p.m. on Jan. 27, according to data available on the bourses. The IPO will close on Jan. 28.
Subscription details:
- Institutional investors: 0.0 times
- High net worth individuals: 0.07 times
- Retail investors: 8.9 times
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.
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