Stove Kraft IPO to open tomorrow: What you need to know


Stove Kraft has fixed a price band of 384-385 a share for its initial public offer and it is expected to fetch 412.62 crore at the upper end of the price band.

By hindustantimes.com | Written by Meenakshi Ray, New Delhi

PUBLISHED ON JAN 24, 2021 02:27 PM IST

Kitchen appliance manufacturer Stove Kraft Ltd will launch its three-day initial public offering (IPO) for subscription on Monday, January 25. Stove Kraft is the fourth company to open an IPO this month after Indian Railway Finance Corporation (IRFC), Indigo Paints and Home First Finance Company. Stove Kraft has fixed a price band of 384-385 a share for its initial public offer and it is expected to fetch 412.62 crore at the upper end of the price band.

Here is all you need to know about Stove Kraft IPO:

1. The price band has been set at 384-385 per share for the initial share-sale, which would be open for public subscription from January 25 to January 28. The anchor investors’ portion opened for subscription on January 22.

2. Stove Kraft’s initial share-sale offer comprises a fresh issue of equity shares aggregating up to 95 crore and an offer for sale of up to 82.50 lakh equity shares.

3. The offer for sale comprises up to 6,90,700 shares by promoter Rajendra Gandhi; up to 59,300 shares by promoter Sunita Rajendra Gandhi; up to 14,92,080 shares by Sequoia Capital India Growth Investment Holdings and up to 6,007,920 shares by SCI Growth Investments II.

4. Stove Kraft Ltd has raised a little over 185 crore from anchor investors ahead of its initial public offer.

5. It has allotted 48,22,290 shares to 32 anchor investors at 385 a piece, which is the upper end of the price band. The company raised 185.68 crore at this price, according to a BSE circular.

6. Among the anchor investors are Goldman Sachs India, Nippon Life India Trustee, Bajaj Allianz Life Insurance Company, IIFL Special Opportunities Fund, Integrated Core Strategies Asia Pte Ltd and Sundaram Mutual Fund.

7. The company, which is backed by Sequoia Capital, proposes to use the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings availed by the firm and for other general corporate purposes.

8. The book running lead managers to the offer are Edelweiss Financial Services and JM Financial.

(With PTI inputs)

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