Stove Kraft IPO subscribed 18 times

Stove Kraft IPO subscribed 18 times

The initial public offer of Stove Kraft was subscribed 18 times on the last day of subscription on Thursday.

The Rs 412.62-crore offer received bids for 10,62,83,378 shares against 58,94,642 shares on offer, as per the data available with NSE.

The qualified institutional buyers (QIBs) category was subscribed 8 times, non institutional investors 32.72 times and retail individual investors 26 times.

The initial public offer (IPO), comprises 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.

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.

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

Edelweiss Financial Services and JM Financial were managers to the offer.

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