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Stove Kraft IPO is a book build issue of ₹412.62 crores. The issue is a combination of fresh issue of 0.25 crore shares aggregating to ₹95.00 crores and offer for sale of 0.83 crore shares aggregating to ₹317.63 crores.
Stove Kraft IPO bidding started from Jan 25, 2021 and ended on Jan 28, 2021. The allotment for Stove Kraft IPO was finalized on Feb 2, 2021. The shares got listed on BSE, NSE on Feb 5, 2021.
Stove Kraft IPO price band is set at ₹385.00 per share . The lot size for an application is 38. The minimum amount of investment required by an retail is ₹14,592 (38 shares). The lot size investment for sNII is 14 lots (532 shares), amounting to ₹2,04,820, and for bNII, it is 69 lots (2,622 shares), amounting to ₹10,09,470.
Edelweiss Financial Services Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Stove Kraft IPO RHP for detailed Information.
| IPO Date | January 25, 2021 to January 28, 2021 |
| Listing Date | February 5, 2021 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹384 to ₹385 per share |
| Issue Price Final | ₹385 per share |
| Lot Size | 38 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,07,17,532 shares (aggregating up to ₹412.62 Cr) |
| Fresh Issue | 24,67,532 shares (aggregating up to ₹95.00 Cr) |
| Offer for Sale | 82,50,000 shares of ₹10 (aggregating up to ₹317.63 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 3,00,80,631 shares |
| Share Holding Post Issue | 3,25,48,163 shares |
Stove Kraft IPO offers total 1,07,17,532 shares. Out of which 80,38,150 (75.00%) allocated to QIB, 32,15,260 (30.00%) allocated to QIB, 16,07,629 (15.00%) allocated to NII, 10,71,753 (10.00%) allocated to RII and 48,22,890 (45.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 80,38,150 (75.00%) | NA |
| − Anchor Investor Shares Offered | 48,22,890 (45.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 32,15,260 (30.00%) | NA |
| NII (HNI) Shares Offered | 16,07,629 (15.00%) | NA |
| Retail Shares Offered | 10,71,753 (10.00%) | 28,204 |
| Total Shares Offered | 1,07,17,532 (100.00%) |
Stove Kraft IPO opens on January 25, 2021, and closes on January 28, 2021.
| IPO Open Date | Mon, Jan 25, 2021 |
| IPO Close Date | Thu, Jan 28, 2021 |
| Tentative Allotment | Tue, Feb 2, 2021 |
| Initiation of Refunds | Wed, Feb 3, 2021 |
| Credit of Shares to Demat | Thu, Feb 4, 2021 |
| Tentative Listing Date | Fri, Feb 5, 2021 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Jan 28, 2021 |
Investors can bid for a minimum of 38 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 38 | ₹14,630 |
| Retail (Max) | 13 | 494 | ₹1,90,190 |
| S-HNI (Min) | 14 | 532 | ₹2,04,820 |
| S-HNI (Max) | 68 | 2,584 | ₹9,94,840 |
| B-HNI (Min) | 69 | 2,622 | ₹10,09,470 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Stove Kraft is one of the largest Kitchen appliance suppliers in India. The company manufactures and sells kitchen solutions under the brand name of "Pigeon" and "Gilima" brands and planning to manufacture value, premium, and semi-premium kitchen supplies under the "Black + Decker" brand. Its product portfolio has 660+ kitchen solutions including cookware, cooking appliances, household utilities, and others. In 2019, it also started manufacturing Pigeon LED products.
The company has a strong distribution network as under the "Pigeon" brand, it has 651 distributors in 27 states and 5 union territories and 12 distributors for exports and under the "Gilima" brand, it has 65 stores across 4 states and 28 cities. It not just distribute its products in the Indian market but also export them to countries like the USA, Mexico, Kenya, Qatar, Sri Lanka, Fiji, Bahrain, Kuwait, etc.
Stove Kraft has manufacturing facilities at Bengaluru (Karnataka) and Baddi (Himachal Pradesh). All Pigeon and Gilima branded appliances are manufactured at its Bengaluru unit and the Baddi facility focuses on Oil Company Business (OCB) to manufacture products like LPG stoves, inner lid cooker, etc.
Competitive strength
| Particulars | For the year/period ended (₹ in million) | ||||
|---|---|---|---|---|---|
| 30-Sept-20 | 31-Mar-20 | 31-Mar-19 | 31-Mar-18 | ||
| Total Assets | 4,984.99 | 4,712.91 | 4,257.26 | 3,936.42 | |
| Total Revenue | 3,295.09 | 6,729.14 | 6,425.98 | 5,345.85 | |
| Profit After Tax | 287.76 | 31.70 | 7.36 | (120.18) | |
The Company Stove Kraft IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Repayment/pre-payment, in full or part, of certain borrowings availed by our Company | 76.00 |
| 2 | General corporate purposes | 13.58 |
[Dilip Davda] If we consider H1 FY 21 (IPO year) super earnings, the issue appears fully priced. Sustainability of such performance going forward is a major concern. If we consider FY20 performance, the issue is priced aggressively. Due to losses for FY18, it had opted for higher QIB portion in IPO. Perhaps the company has hurried for its IPO plan to encase boom in the secondary market. Considering all these, cash surplus, risk savvy investors may consider investment at their own risk. Read detail review...
| Listing Date | February 5, 2021 |
| BSE Script Code | 543260 |
| NSE Symbol | STOVEKRAFT |
| ISIN | INE00IN01015 |
| Final Issue Price | ₹385 per share |
| BSE Listing Group | B |
Stove Kraft Ltd.
81/1, Medamarana Halli Village
Harohalli Hobli,
Kanakapura Taluk
Ramanagara, Karnataka, 562112
Phone: +91 80 2801 6222
Email: cs@stovekraft.com
Website: http://www.stovekraft.com/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: stovekraft.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Stove Kraft IPO is a main-board IPO of 1,07,17,532 equity shares of the face value of ₹10 aggregating up to ₹412.62 Crores. The issue is priced at ₹385 per share. The minimum order quantity is 38.
The IPO opens on January 25, 2021, and closes on January 28, 2021.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Stove Kraft IPO using UPI as a payment gateway. Zerodha customers can apply in Stove Kraft IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Stove Kraft IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Stove Kraft IPO opens on January 25, 2021 and closes on January 28, 2021.
Stove Kraft IPO lot size is 38, and the minimum amount required for application is ₹14,630.
You can apply in Stove Kraft IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Stove Kraft IPO will be done on Tuesday, February 2, 2021, and the allotted shares will be credited to your demat account by Thursday, February 4, 2021. Check the Stove Kraft IPO allotment status.
The Stove Kraft IPO listing date is on Friday, February 5, 2021.
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