InvestorQ : What was the final response to the Stove Kraft IPO that closed on Thursday?
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What was the final response to the Stove Kraft IPO that closed on Thursday?

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Deepa Salunkhe answered.
2 months ago
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The response to the IPO was finally much better than expected. In fact, the IPO of Stove Kraft got subscribed a healthy 18 times on close of the issue on Thursday 28 January 2021. It is a leading manufacturer of kitchen appliances. This has been an area where Prestige and Butterfly have been the only large listed candidates in the market.

Against an IPOO issue size of 58.94 lakh shares, the bids received were to the tune of 10.63 crore shares, representing oversubscription of nearly 18 times. The QIB portion got filled eight times while HNI portion or the non-institutional portion was subscribed 32.72X. Retail appetite was good with the retail portion subscribed nearly 26 times.

The IPO consisted of fresh issue of shares worth Rs.95 crore and an offer for sale or OFS worth Rs.318 crore. The price range has been fixed at 384-385 and it considering the oversubscription it looks to settle at the upper end. It may be recollected that Stove Kraft had raised Rs.185 crore last week from anchor investors. Stove Kraft has been seed-backed by Sequoia Capital.

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