· Price band fixed at ₹384 to ₹385 per equity share
· Bid/ Offer period to remain open from Monday, January 25, 2021 to Thursday, January 28, 2021
Chandigarh sunita shastri:: Stove Kraft Limited (the “Company’), one of the leading brands for kitchen appliances in India and one of the dominant players for pressure cookers and amongst the market leaders in the sale of free standing hobs and cooktops(Source: F&S Report, sponsored by our Company), will open the Bid/ Offer in relation to its initial public offer of equity shares of face value of ₹10 each (“Equity Shares” and such initial public offer, the “Offer”) on Monday, January 25, 2021. The price band of the Offer has been fixed at ₹384 to ₹385 per Equity Share. The Bid/ Offer period will close on Thursday, January 28, 2021. The Company and the Selling Shareholders may, in consultation with the BRLMs, consider participation by Anchor Investors which shall be one WorkingDay prior to the Bid/ Offer Opening Date.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, SunitaRajendra 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”).Bids can be made for a minimum of 38 Equity Shares and in multiples of 38 Equity Shares thereafter. The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI Issue of Capital and Disclosure Requirements Regulations, 2018 (“SEBI ICDRRegulations”) and is being made in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein at least 75% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Category”), provided that the Company and Selling Shareholders may, in consultation with the BRLMs, allocate up to 60% of the QIB Category to Anchor Investors at the Anchor Investor Allocation Price on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds only at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion. Further, such number of Equity Shares representing 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75% of the Offer cannot be allotted to QIBs, the Bid Amounts received by the Company shall be refunded.
Further, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective ASBA accounts, and UPI ID, in case of RIBs, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable. Anchor Investors are not permitted to participate in the Offer through the ASBA process. The Net Proceeds from the Fresh Issue are proposed to be utilised for (i) ₹760 mn towards Repayment/pre-payment, in full or part, of certain borrowings availed by the Company; and (ii) for general corporate purposes.The Equity Shares offered in this Offer are proposed to be listed at both BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”) post the listing. Edelweiss Financial Services Limited and JM Financial Limited are the Book Running Lead Managers to the Offer.All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the Red Herring Prospectus (“RHP”).
