Stove Kraft IPO Subscribed 90% On Day 1
Retail interest remained high on Day 1 of Stove Kraft’s IPO.
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 issue was subscribed 0.9 times (90%) as of 5 p.m. on Jan. 25, 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: 0.05 times
Retail investors: 5.4 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.
