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.
Institutional investors, too, subscribed to the kitchen appliance maker's shares on the last day.
The issue was subscribed 18.03 times as of 5:00 p.m. on Jan. 28, according to exchange data.
Subscription Details:
- Institutional investors: 8.01 times
- High net worth individuals: 32.72 times
- Retail investors: 26.03 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 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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