NEW DELHI: The initial public offering (IPO) of Stove Kraft was subscribed 2.93 times on Day 2 of the bidding process. The IPO received bids for 1,72,55,572 shares as against the total issue size of 58,94,642 shares.
The issue is being sold in Rs 384-385 range. At the upper limit of the price band, the IPO is expected to fetch Rs 412.62 crore. Ahead of its IPO, the manufacturer of kitchen appliances raised Rs 185 crore from anchor investors.
Analysts said that the company s brand value, margins and return on capital are lower than its peers and, even as it has improved its profitability on the back of cost-cutting measures of late, such a trend is unsustainable. They remained neutral on the issue and advised only aggressive investors with high risk appetite to participate in the IPO.
Stove Kraft IPO opens today: Should you subscribe to the issue?
The Rs 412.62 crore IPO, that closes on January 28 comprises fresh issue of shares worth Rs 95 crore and an offer-for-sale (OFS) of up to 82.50 lakh equity shares
BusinessToday.In | January 25, 2021 | Updated 13:56 IST
Lot size of Stove Kraft IPO is 38 shares
The fourth public issue of the calendar year 2021, Stove Kraft initial public offer (IPO) is in progress on January 25. Price band has been fixed at Rs 384-385 per share.
Lot size of Stove Kraft IPO is 38 shares. A retail-individual investor can apply for multiples of 13 lots, thereafter for a minimum amount of Rs 14,630 and maximum of 494 shares for Rs 190,190. The book running lead managers to the IPO are Edelweiss Financial Services and JM Financial. KFin Technologies Private Ltd is the registrar to the issue. The company has already raised Rs 185 crore via anchor investors portion that was open for subscription on January 22, 2021.
Read more about Stove Kraft s Rs 413-crore IPO fully subscribed on Day-1, closes Thursday on Business Standard. Price band set at Rs 384-385; IPO is comprised of Rs 95 cr of fresh fund raise, Rs 318 cr secondary share sale