Stove Kraft IPO subscription to be opened on Jan 25

The three-day initial share-sale will close on January 28. The anchor investors' portion will be open for subscription on January 22.

New Delhi: Stove Kraft Ltd, manufacturer of kitchen appliances, on Thursday said it has fixed a price band of Rs 384-385 a share for its initial public offer, which will open for subscription on January 25.

This would be the fourth company to launch an IPO in this year, after Indian Railway Finance Corporation which concluded on Wednesday, while Indigo Paints and Home First Finance Company are currently open for public subscription.

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

At the upper end of the price band, the initial public offer (IPO) is expected to fetch Rs 412.62 crore, Sequoia Capital-backed company said in a virtual press conference.

The three-day initial share-sale will close on January 28. The anchor investors’ portion will be open for subscription on January 22.

The company is engaged in the manufacture and retail of kitchen solutions under Pigeon and Gilma brands.

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