Ahead of IPO, Stove Kraft raises $25m from Goldman Sachs India, other anchor investors

Photo: Stovekraft website

Stove Kraft Ltd, manufacturer of kitchen appliances, has raised a little over 185 crore from anchor investors ahead of its initial public offer, which will open for subscription on Monday.

A total of 48,22,290 shares have been allotted to 32 anchor investors at 385 apiece, which is the upper end of the price band. At this price, the company raised 185.68 crore, according to a BSE circular issued late evening on Friday.

Among the anchor investors are Goldman Sachs India, Nippon Life India Trustee, Bajaj Allianz Life Insurance Company, IIFL Special Opportunities Fund, Integrated Core Strategies Asia Pte Ltd, Sundaram Mutual Fund A/C Sundaram Equity Fund, Abakkus Emerging Opportunities Fund – I and Sundaram Mutual Fund.

“The initial public offering comprises of a fresh issue aggregating 950.00 million (“Fresh Issue”) and an offer for sale of up to 8,250,000 equity shares comprising of up to 690,700 equity shares by promoter, Rajendra Gandhi, up to 59,300 equity shares by promoter, Sunita Rajendra Gandhi (together with Rajendra Gandhi, “Promoter Selling Shareholders”), up to 1,492,080 equity shares by Sequoia Capital India Growth Investment Holdings I (“SCI-GIH”) and up to 6,007,920 equity shares by SCI Growth Investments II (“SCI”, together with SCI-GIH, “Investor Selling Shareholders”) (the Investor Selling Shareholders together with the Promoter Selling Shareholders, the “Selling Shareholders”),” the company said.

Stove Kraft’s initial share-sale offer comprises a fresh issue of equity shares aggregating up to 95 crore and an offer for sale of up to 82.50 lakh equity shares.

The offer for sale comprises up to 6,90,700 shares by promoter Rajendra Gandhi; up to 59,300 shares by promoter Sunita Rajendra Gandhi; up to 14,92,080 shares by Sequoia Capital India Growth Investment Holdings and up to 6,007,920 shares by SCI Growth Investments II.

The price band has been set at 384-385 per share for the initial share-sale, which would be open for public subscription during 25-28 January.

At the upper end of the price band, the initial public offer (IPO) is expected to fetch 412.62 crore.

This would be the fourth company to launch an IPO in January, after Indian Railway Finance Corporation and Indigo Paints which concluded this week, while that of Home First Finance Company is currently open for public subscription.

Sequoia Capital-backed firm proposes to utilise the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings availed by the firm and for other general corporate purposes.

The company is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under Pigeon and Gilma brands.

It is a kitchen solutions and an emerging home solutions brand. The kitchen solutions comprise cookware and cooking appliances across brands, and home solutions comprise various household utilities, including consumer lighting.

The book running lead managers to the offer are Edelweiss Financial Services and JM Financial. The company’s shares are proposed to be listed on stock exchanges.

The article was first published on livemint.com

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.