Stove Kraft IPO nears oversubscription at shut of first day of bidding
2 min read Image Source : INDIA TV Stove Kraft IPO nears oversubscription at shut of first day of bidding
The preliminary public providing (IPO) of Stove Kraft Ltd neared oversubscription on the primary day of bidding on Monday. The Rs 412.62-crore IPO of the producer of kitchen home equipment obtained bids for 58,38,776 shares in opposition to 58,94,642 shares on provide, translating into 99 per cent subscription, in response to the info out there with NSE.
The class reserved for non-institutional buyers was subscribed 5 per cent and people for retail particular person buyers 5.37 instances.
The provide contains a recent difficulty of as much as Rs 95 crore and a suggestion on the market of as much as 82.50 lakh shares. Price vary for the provide, which might shut for subscription Thursday, is at Rs 384-385 per share.
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Equity markets will stay closed on Tuesday for Republic Day. Stove Kraft had raised slightly over Rs 185 crore from anchor buyers final week.
At the higher finish of the value band, the preliminary public provide is predicted to fetch Rs 412.62 crore.
Sequoia Capital-backed agency proposes to utilise the web proceeds from the recent difficulty in the direction of reimbursement or pre-payment of sure borrowings availed by the agency and for different common company functions.
The firm is engaged within the manufacture and retail of a large and numerous suite of kitchen options beneath Pigeon and Gilma manufacturers. Edelweiss Financial Services Limited and JM Financial Limited are the managers to the provide.
(With PTI Inputs)
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