The Stovekraft IPO closed on January 28th 2021, and was subscribed by a bit more than 18 times. The allotment is expected to be finalized on February 2nd, 2021 as per the prospectus. The Stovekraft IPO allotment status can be checked on the website of its official registrar KFintech and on that of BSE.
Stovekraft Company Profile
Stovekraft is an Indian company, headquartered in Bengaluru. that manufactures cooking appliances under Pigeon and Gilma brands. The company was founded in 1999 and has grown in leaps and bounds. Stovekraft has come out with its IPO and the IPO will close on January 28th. Among its cooking appliances range are mixer grinders, pressure cookers, cooktops, toasters, chimneys and kitchen utensils.
Stovekraft IPO details
The Stovekraft IPO is the fourth IPO in 2021 after IRFC, Indigo Paints, and Home First Finance Company. The IPO consists of fresh issue of ₹95 crores and an Offer For Sale (OFS) of ₹82.5 lakhs for promoters and investors. The price band has been fixed at ₹384-385. Each lot consists of 38 equity shares. The value of one lot at the upper range of the price band would be ₹14,630. A retail investor can apply for a maximum of 13 lots at a total value of ₹190,190.
The purpose of the IPO is for the repayment of certain borrowings amounting to ₹76 crores and general corporate purposes.
Grey Market Premium
The Stovekraft IPO is expected to list at a premium, as it enjoys a 26% premium in the grey market currently. However, whether the premium remains until listing date is something to be checked considering the volatility on account of the upcoming Union Budget.
Once you have checked the Stovekraft IPO allotment status, you can also check the status of the Indigo Paints IPO here