SEQUOIABACKED STOVEKRAFT HIRES BANKERS FOR IPO LAUNCH

MUMBAI: Sequoia Capital-backed kitchen appliances maker Stovekraft Pvt Ltd has hired investment banks for a planned public listing, two people aware of the development said.

Stovekraft makes and sells a wide range of kitchen products under the Pigeon and Gilma brands.

“The company has appointed investment banks Edelweiss and JM Financial to manage its initial public offering (IPO) and work on the draft prospectus is expected to start in the coming weeks,” said one of the two people cited above, requesting anonymity because he is not authorised to speak to the media.

The IPO will allow Sequoia to part-exit its stake in the kitchen appliances maker, the first person added. Sequoia owns around 40% of the company.

“The public offering will be a mix of primary share sale and secondary share sale. Sequoia is... expected to offer a significant quantum of its shares in the IPO, while some fresh capital could be raised for investing in the business. The IPO process has just been started and the quantum of primary and secondary share sales are yet to finalised,” he said.

The company is looking at a valuation of around $250-300 million, the first person said.

Sequoia Capital declined to comment on the development.

Emails sent to Rajendra Gandhi, CMD, and Neha Gandhi, director at Stovekraft, did not elicit any response.

Emails to sent Edelweiss and JM Financial too went unanswered.

According to Stovekraft’s website, the company earned revenue of ₹650 crore in 2015-16 and sells over 600 products.