Stove Kraft IPO subscribed 2.93 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 shares.

New Delhi: The initial public offer of Stove Kraft was subscribed 2.93 times on Wednesday, the second day of bidding.

The offer has received bids for 1,72,55,572 shares against 58,94,642 shares on offer, according to data available with NSE.

The qualified institutional buyers' category was subscribed 8 per cent, non-institutional investors portion 1.85 times and retail individual investors 13.08 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 shares.

Price range for the offer, which opened for subscription on Monday, has been fixed at Rs 384-385 per share.

Equity markets were closed on Tuesday for Republic Day.

Stove Kraft had raised a little over Rs 185 crore from anchor investors last week.

At the upper end of the price band, the initial public offer is expected to fetch Rs 412.62 crore.

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 Limited and JM Financial Limited are the managers to the offer.

(PTI)