Stove Kraft Listing on BSE, NSE: Kitchen appliance maker Stove Craft has a strong entry in the market share. The company’s stock was listed on BSE today with a 21 percent premium. The upper price band for the IPO of Stove Craft was fixed at Rs 385, while the stock was listed at Rs 467 on BSE. At the same time, after the list, the stock has risen 28 percent to reach the price of Rs 496. Earlier, the stock of Indigo Pet was also listed at a 75 per cent premium in the market. Stove Croft is the fourth IPO of this year and it opened on 25 January and closed on 28 January.
Good investor response
There has been a good craze among investors regarding the IPO of Stove Craft and it was subscribed 18 times. In the Stove Craft IPO, the reserve position for retail investors was subscribed around 26 times, while for non-institutional investors, the reserve was filled by about 32.72 times. While the Porson kept for qualified institutional buyers was almost 8 times full. The issue price for this IPO was Rs 384-385. Lot size 38 shares have been kept in this IPO. That is, you have to invest for at least 38 shares.
Where will the company use the funds
Of the funds that will come to the company through this IPO, 76 crore rupees will be used to repay the debt and the remaining funds will be spent in corporate needs. The company has set a target of raising Rs 413 crore through it. The company hired Edelweiss Financial Services and JM Financial as the lead managers for the IPO.
Stove Craft raised Rs 185 crore from anchor investors before its IPO. These anchor investors include Goldman Sash India, Nippon Life India Trustee, Bajaj Allianz Life Insurance Company, IIFL Special Opportunities Fund, Integrated Core Strategies Asia Pte Ltd. And Sundaram Mutual Fund.