Stove Kraft IPO subscribed 18 times despite secondary market sell-off

Institutional portion garners 8x, HNI subscribed 33 times, while retail quota saw 26x subscription

Despite the selloff in the secondary market, the maiden offering of Stove Kraft managed to garner 18 times subscription. The institutional investor portion garnered 8 times subscription, the high-networth individual (HNI) portion was subscribed 33 times, while the retail quota saw 26 times subscription. Stove Kraft is a kitchen appliances market and owns brands like Pigeon, Gilma, and Black & Decker. The company’s IPO comprised of Rs 95 crore fresh fund raise and Rs 318 crore worth of secondary share sale. The price band was set at Rs 384-385 per share. At the IPO price, Stove Kraft will have market