The initial public offer (IPO) of kitchen appliances, Stove Kraft Ltd, will open for subscription on Monday. The company has fixed the price of each share for this IPO at Rs 384-385. This is the fourth company to launch its IPO in this calendar year. The IPO of Indian Railway Finance Corporation (IRFC) could be subscribed till Wednesday. At the same time, the IPO of Indigo Paints and Home First Finance Company is currently open for subscription. Under this IPO of Stove Kraft, shares worth Rs 95 crore will be floated while 82.50 lakh equity shares will be available through Offer for Sale.
Under this IPO, 6,90,700 shares of promoter Rajendra Gandhi, 59,300 shares of Sunita Rajendra Gandhi and 14,92,080 shares of Sequoia Capital India Growth Investment Holdings and 6,007,920 shares of SCI Growth Investments II will be available through Offer for Sale.
The Sequoia Capital-backed company while addressing a virtual press conference said that the company would raise Rs 412.62 crore through this public offer as per the upper price band.
How long can this IPO be invested
If you want to apply for this IPO, then you have till January 28 for this. The IPO will open for anchor investors on January 22.
The company will use the proceeds derived from the issue of new shares for payment of certain debts and for general purposes related to the company.
The company manufactures and sells a wide range of kitchen accessories under the brand names Pigeon and Gilma.
Edelweiss Financial Services and JM Financial are managing this IPO.