Kitchen appliance-maker Stove Kraft IPO lists at 29 percent premium over the issue price

Feb 5, 2021

By: Navdeep Yadav

Stove Kraft stock listed at ₹498, which is at a 29 percent premium to the set price band at ₹384-385 per share

Credit: BCCL

This was the fourth IPO in 2021 after IRFC, Indigo Paints and Home First got listed on bourses.

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Stove Kraft is a 15-year old kitchen appliance maker whose best known brands are Pigeon and Gilma

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Stove Kraft is a relatively small player compared to TTK Prestige and Hawkins

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Many analysts called the Stove Kraft IPO “expensive”, yet the issue was oversubscribed 18 times

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However, the grey market premium for Stove Kraft plunged nearly 45 percent after the issue closed

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The company raised about ₹412 crore from the IPO and the market cap stood at about ₹1,560 crore on listing

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This is much smaller compared to the largest player, TTK Prestige, whose market cap is at over ₹8,497 crore

Credit: BI-India

Stove Kraft had annual turnover of ₹669 crore in FY20 and clocked an avg growth of 20 percent in last 3 years

Credit: BCCL

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