Stove Kraft IPO to open on Jan 25; price band at Rs 384-385

Stove Kraf t Ltd, manufacturer of kitchen appliances, on Thursday said it has fixed a price band of Rs 384-385 a share for its initial public offer, which will open for subscription on Januar y 25.

This would be the fourth company to launch an IPO in this year, af ter Indian Railway Finance Corporation which concluded on Wednesday, while Indigo Paints and Home First Finance Company are currently open for public subscription.

Stove Kraf t's initial share-sale offer comprises a fresh issue of equity shares aggregating up to Rs 95 crore and an offer for sale of up to 82.50 lakh equity shares. The offer for sale comprises up to 6,90,700 shares by promoter Rajendra Gandhi; up to 59,300 shares by promoter Sunita Rajendra Gandhi; up to 14,92,080 shares by Sequoia Capital India Growth Investment Holdings and up to 6,007,920 shares by SCI Growth Investments II.

At the upper end of the price band, the initial public offer (IPO) is expected to fetch Rs 412.62 crore.