Shares of Stove Kraft were trading at Rs 444.95 at 10:19 IST on the BSE, at a premium of 15.57% over the initial public offer price of Rs 385.
The stock was listed at Rs 467, at a premium of 21.30% to the initial public offer (IPO) price. So far the stock hit a high of Rs 495.55 and low of Rs 435.05. On the BSE, 5.46 lakh shares were traded on the counter so far.
The IPO of Stove Kraft was subscribed 18.03 times. The issue opened for subscription on Monday (25 January 2021) and closed on Thursday (28 January 2021). The price band for the IPO was set at Rs 384-385 per share.
The non-institutional investors category was subscribed 32.72 times. The retail individual investors category was subscribed 26.04 times. The qualified institutional buyers (QIBs) category was subscribed 8.02 times.
The IPO comprised of fresh issue of equity shares aggregating to Rs 95 crore and an offer of sale of up to 82.50 lakh equity shares by the selling shareholders.
From the fresh issue, the company propose to use Rs 76 crore towards repayment and pre-payment, in full or part, of certain borrowings availed by the company and balance towards general corporate purposes.
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Ahead of the IPO, the company on 22 January 2021 allotted 48.22 lakh shares to anchor investors at Rs 385 per share, aggregating to Rs 185.68 crore.
Stove Kraft recorded net profit of Rs 28.78 crore and sales of Rs 328.84 crore in the six months ended on 30 September 2020.
Stove Kraft is engaged in the manufacture, trade and retail of a wide and diverse suite of kitchen solutions under "Pigeon" and "Gilma" brands. The company is one of leading player in kitchen appliances in India and are one of the dominant players for pressure cookers and amongst the market leaders in the sale of free-standing hobs and cooktops.
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