Stove Kraft Limited IPO gets SEBI’s nod to launch IPO as reported on May 5, 2020. The Company had initially filed its draft papers with the regulator in February and as per the latest update with the market watchdog, obtained SEBI’s observations on April 30.
Market regulator, SEBI conveyed its approval to Stove Kraft Limited IPO, the manufacturer of Kitchen appliances, for floating its IPO. As found per the Draft Red herring Prospectus (DRHP), 71,63,721 equity shares amounting to Rs. 145 crores will be offered to the public. Previously, the Company had filed for an IPO in September 2018, but the plan was shelved.
Issue Information of Stove Kraft Limited IPO?
As per DRHP, Maximum shares to be offloaded to the public, by the promoters/investors will be as per details as under:
1. Promoter Rajendra Gandhi: 6,40,906
2. Promoter Sunita Rajendra Gandhi: 2, 50, 000
3. Sequoia Capital India Growth Investment holdings: 13,11,205
4. SCI growth Investments II: 49,61,610
List of Related Parties (Key Managerial Personnel) In Stove Kraft Limited IPO?
- Senthil Kumar R
- Venkitesh N
- Rajendra Gandhi
- Neha Gandhi
- Shashidhar SK
- Tamal Krishna Chaudhuri
- Kamal Aneja
- Ravikumar Mylsamy
- Rohit Mago
Sequoia Capital had invested Rs. 50 crore in Stovekraft in 2010 and infused more capital in the year 2013. It made a non- technology investment in StoveKraft as against introducing capital mostly in technology startups in China and America. For any company to launch public issues such as IPO, FPO and Rights issue, SEBIs observations are a must.
Use of IPO Proceeds of Stove Kraft Limited?
The net proceeds from the current issue are proposed to be utilized by the Company towards repayment or prepayment of individual borrowings availed by the Company, apart from other general corporate purposes. There is a proposal to get the shares of the Company listed on the stock exchange.
Book Running Lead Manager of Stove Kraft Limited?
Edelweiss Financial Services and JM Financial are the book running lead managers to the offer.
Under Pigeon and Gilma Brands, the Company Stove Kraft Limited is into manufacturing and selling a broad and diverse range of kitchen products, such as pressure cookers, non-stick cookware, gas and induction cooktops, mixer-grinders and chimneys.
Stove Kraft IPO – Registrar to the Offer
Karvy Computershare Private Limited
Karvy Selenium, Tower B Plot 31-32, Gachibowli Financial District, Nanakramguda Hyderabad 500 032
Tel: +91 40 6716 2222 Fax: +91 40 2343 1551
E-mail: email@example.com Investor grievance e-mail: firstname.lastname@example.org
Contact Person: M. Murali Krishna
SEBI Registration No.: INR00000022
Stove Kraft IPO Allotment Status
We will share IPO Allotment Status of StoveKraft Limited IPO Soon.
Latest News About Brand Pigeon – Stove Kraft Limited IPO?
- Brand pigeon has recently launched “Blossom rice cooker” across all markets.
- On the occasion of Onam, Brand Pigeon announced its new range of Infinity cooktops in Cochin. Onam, is the festival of joy and happiness, is also seen as an opportunity to reflect prosperity in the kitchen. Accordingly, Pigeon had estimated revenue of Rs. 60 cr during Onam.
- The Pradhan Mantri Ujjwala Yojna (PMUY) has given a boost to pressure cooker sales with more and more rural consumers getting access to LPG cylinders which is expected to provide help to its revenues.
- Pigeon is associated with Master- Chef, the popular cooking reality show. The participating chefs can be seen using Pigeon appliances and demonstrating their quality and ease of use.
Future Plans of Stove Kraft IPO?
Stove Kraft Limited IPO proposes to commence manufacturing of kitchen solutions under the BLACK+ DECKER brand, covering the entire range of value, semi-premium and premium kitchen solutions, respectively.
The Company has manufacturing plants at Bengaluru and Baddi, Himachal Pradesh. The Company employs 2500 people in both the plants put together. It has an international presence in Kenya, Uganda, Qatar, Sri Lanka, Fiji, Bahrain, Kuwait, Oman and Tanzania. The Company is currently headed by Rajiv Mehta, Former MD of Puma and Arvind brands.
Stove Kraft IPO Grey Market Premium
The Stove Kraft Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X.
Financial Of Stove Kraft Limited IPO?
Stove Kraft Limited IPO financials for 2019 registered improvement over the previous year. It turned around and recorded a profit of Rs. 0.9 crores against loss of Rs.11.7 crore in 2018. Its revenue also improved to Rs. 642.5 crores in 2019, as compared to Rs. 534.5 crores in 2018. During half year ended Sept 19, Revenue was Rs. 317.43 crores and PAT was 43.89 crores.
Product Range of Stove Kraft Limited IPO?
The Company is dealing in kitchen solutions such as cookware and cooking appliances of various brands. It’s also an emerging home solutions brand constituting household utilities such as consumer LED lighting, for domestic and commercial consumers, among other things. This not only enables them to be a one-stop-shop for kitchen and home solutions, but also offers products at different pricing points to meet diverse customer requirements and aspirations. Other strengths of the Company include strong manufacturing capability with backward integration, professional management with a successful track record, financial stability and consistent focus on quality and innovation.
Business Strategies of Stove Kraft IPO?
- Enhancing geographical reach.
- Scaling up branding, promotional and digital activities.
- Investment in new plants and increase automation.
- Focus on LED consumer lighting business.
- Increase exports.
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