INSUBCONTINENT EXCLUSIVE:
Bengaluru-based kitchen appliances maker is planning to raise ? 412.62 crore from the IPO.Stove Kraft's Rs 412.62 crore share sale via
initial public offering (IPO) was oversubscribed on second day of the issue
The IPO was subscribed 1.77 times as of 1:30 pm on the second day of the issue, data from National Stock Exchange showed
Stove Kraft IPO received over 1 crore bids for its shares compared with 58.94 lakh shares on the offer
More than 83 lakh shares received the bids at the cut-off price, data showed.Stove Kraft IPO was witnessing huge demand from retail
investors as the portion reserved for them was subscribed 5.24 times
While no bids were received by the qualified institutional buyers (QIBs), data showed.The Bengaluru-based kitchen appliances maker is
planning to raise Rs 412.62 crore from the IPO by selling equity shares in the price band of Rs 384-385 per share.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
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.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 maximum of 13 lots or 494 shares
At the upper price band of Rs 385, an investor can invest maximum of Rs 1.90 lakh.
