The shares of Stove Kraft will be listed on the BSE and NSE on Friday. Stove Kraft is an Indian company that manufactures cooking appliances under Pigeon and Gilma brands. It was founded in 1999 and is headquartered in Bangalore.
The shares are likely to list with small premium. In the grey market on Thursday, Stove Kraft shares were seen quoting a premium of Rs 35-40 apiece. The shares were trading at Rs 425, implying a premium of over 10 per cent in the grey market.
Stove Kraft’s initial public offer (IPO) was subscribed 18 per cent. According to data available with NSE, the Rs 412.62-crore offer received bids for 10,62,83,378 shares against 58,94,642 shares on offer.
The IPO, comprised a fresh issue of up to Rs 95 crore and an offer for sale of up to 82.50 lakh equity shares. Price range for the offer was at Rs 384-385 a share.
The qualified institutional buyers (QIBs) category was subscribed 8 times, non institutional investors 32.72 times and retail individual investors 26 times.
Stove Kraft had raised a little over Rs 185 crore from anchor investors last week. The Sequoia Capital-backed firm proposes to utilise 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.
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