The initial public offering (IPO) of Stove Kraft Ltd is set to open on 25 January. The company has fixed a price band of Rs 384-385 per share for the issue. Investors can bid for a minimum of 38 equity shares and in multiples of 38 shares thereafter for a minimum amount of Rs 14,630.
The manufacturer of kitchen appliances, Stove Kraft, operates in a highly competitive market and has turned profitable just two years ago. It has posted exceptional figures in the first half of FY21. The company is also engaged in retailing of a diverse suite of kitchen solutions under Pigeon and Gilma brands. However, the brand Pigeon, which contributes to 80 percent sales, is under a legal dispute.
Stove Kraft proposes to utilize the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings availed by the firm and for general corporate purposes.
