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    Stove Kraft IPO: Issue opens for anchor investors, grey market premium jumps 26%

    Stove Kraft IPO: Issue opens for anchor investors, grey market premium jumps 26%

    Stove Kraft IPO: Issue opens for anchor investors, grey market premium jumps 26%
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    By Yashi Gupta   IST (Updated)

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    The stock was trading at a premium of Rs 90-100 per share, meaning the grey market speculates its value to be around Rs 475-485.

    Stove Kraft was trading at a premium of 26 percent more than its higher issue price band of Rs 385 per share in the grey market after the company announced its IPO on Thursday. The initial public offer for anchor investors will open for subscription by anchor investors today.
    The stock was trading at a premium of Rs 90-100 per share, meaning the grey market speculates its value to be around Rs 475-485.
    Stove Kraft is one of the leading brands of kitchen appliances in India. It has products in well-known brands like Pigeon, Gilma, and Black+ Decker.
    The 400 crore IPO of Stove Kraft will hit the market for retail investors on January 25 in the price range of Rs 384-385 apiece. Its public issue comprises a fresh issue of Rs 95 crore by the company and an offer for sale of Rs 82.50 lakh shares by promoters and investors.
    The offer for sale is further divided into 6,90,700 equity shares by promoter Rajendra Gandhi, 59,300 shares by promoter Sunita Gandhi, 14,92,080 and 60,07,920 shares by Sequoia Capital India Growth Investment Holdings I and II, respectively.
    The Bengaluru-based company will use the proceeds to pare debt and for general corporate purposes. Edelweiss Financial Services and JM Financial are the book running lead managers to the issue.
    Company's revenue from operations stood at Rs 328.8 crore in the April-September 2020 period, up from 4.2 percent from the year earlier. Its net profit jumped to Rs 28.8 crore in the same period, against Rs 4.4 crore a year ago.
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