Stove Kraft IPO: Stove Kraft’s share sale via Initial Public Offering will open for subscription from Monday, January 25, in the price band of Rs 384-385 per share. The Rs 412.62 crore IPO of the Bengaluru-based kitchen appliances maker will close on January 28, remaining open for a period of three days. The Stove Kraft IPO will be the fourth public issue of 2021 after the recently-concluded Indian Railway Finance Corp IPO, and the ongoing Home First Finance Company India and Indigo Paints IPOs. Stove Kraft IPO consists of fresh issue of shares worth Rs 95 crore and an offer-for-sale (OFS) of 82.50 lakh shares by investors and promoters.
Retail investors can bid for Stove Kraft shares in lot size of 38 shares in the price band of Rs 384-385 per share. A retail-individual investor can apply for up to 13 lots, specifically 494 shares for total consideration of Rs 1.90 lakh. The shares are proposed to be listed on BSE and NSE. The Stove Kraft IPO listing date is not yet announced.
Stove Kraft sells kitchen appliances under the brand name of Pigeon and Gilma. The company is planning to manufacture value, premium, and semi-premium kitchen supplies under the “Black + Decker” brand. Its product portfolio has more than 660 kitchen solutions including cookware, cooking appliances, household utilities, and others. In 2019, the company also started manufacturing Pigeon LED products.
The primary objectives of the Stove Kraft IPO are to make the repayment or prepayment of company’s borrowings fully or partially and to meet general corporate purposes.