Stove Kraft IPO subscribed 18 times on Thursday

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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