Stove Kraft shares made a strong debut on the exchanges on Friday, listing with a premium of 29.35 percent at Rs 498.00 apiece on the National Stock Exchange as against the issue price of Rs 385.00 per share. On the BSE, it rose 21.30 percent to Rs 467 in the opening.

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The public issue of the Kitchen appliances maker Stove Kraft was subscribed 18 times during January 25-28. The company raised Rs 413 crore via the public issue.

The company will utilise fresh issue proceeds for repayment of debts.

The Sequoia Capital-backed company manufactures kitchen appliances under its flagship brands include Pigeon and Gilma. It also offers kitchen solutions through a wide range of products including pressure cookers, non-stick cookware, gas and induction cooktops, mixer grinders, chimneys and hobs among others. The company has manufacturing facilities in Bangalore and at Baddi, Himachal Pradesh.

In the first half of FY21, the firm saw 76.9 percent sales come from Pigeon. Its revenue from operations stood at Rs 328.8 crore during the period, up 4.2 percent YoY. Meanwhile, the net profit jumped to Rs 28.8 crore in H1FY22 from Rs 4.4 crore a year ago.

First Published:Feb 5, 2021 10:00 AM IST