Stove Kraft IPO subscribed 18 times

Our Bureau Chennai | Updated on January 28, 2021 Published on January 28, 2021

The initial public offering of Stove Kraft has been subscribed 18.03 times on the final day of bidding on Thursday. Investors have put in total bids for 10.62 crore equity shares as against the IPO size of 58.94 lakh equity shares, according to the data available with the NSE. The price band for the public issue has been fixed at ₹384-385 per share.

The portion set aside for qualified institutional buyers has seen a subscription of eight times, while the non-institutional investors (HNIs) have bid for 32.72 times, and retail investors 26.03 times.

The public issue of Stove Kraft consist of a fresh issue of ₹95 crore and an offer for sale of 82.50 lakh shares by promoters and investors. Ahead of the issue, the company had raised ₹185 crore from anchor investors by allotting shares at ₹385 a share.

The funds raised will be used for repayment/pre-payment, in full or part, of certain borrowings availed by the company and general corporate purposes.

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Published on January 28, 2021
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