STOVE KRAFT LIMITED IPO
Stove Kraft incorporated in the year 1999, is one of the leading kitchen appliances & solution brands and emerging home solution brands in India. It is a market leader in free-standing hobs & cooktops and one of the dominant players for pressure cookers. Stove Kraft is manufacturing & selling its wide and diverse range of products under the brand “Pigeon” & ”Gilma”. It is commencing its manufacturing for the range of semi-premium and premium products under the brand “Black + Decker”. Stove kraft has a diversified portfolio of 660+ products. Pigeon brand includes products like cookware, cooking appliances, and household utilities which include consumer lighting. Products such as chimneys, hobs, and cooktops are under the brand Gilma.
Stove Kraft has its manufacturing units in Bengaluru and Baddi. It has a separate distribution network for each brand. As of September 2020, the Pigeon brand has 651 distributors across 27 states and 5 UTs in India along with 12 distributors for the products which are sold outside India. The distribution network is connected with 45,000+ retail outlets across the country. Under the Gilma Brand, products are sold through brand outlets that are owned & operated by franchises. In 4 states and 28 cities & towns, it has 65 stores with a presence in the urban south India market.
Stove Kraft also has an international presence in 14 countries like UAE, Bahrain, Kuwait, Uganda, Tanzania, Qatar, Sri Lanka, Nepal, Bangladesh, Ghana, Oman, Saudi Arabia, United States of America, and Mexico.
Promoters of the company are Mr. Rajendra Gandhi and Mrs. Sunita Rajendra Gandhi.
Strengths of the company:
- Stove Kraft is a well-recognized one-stop-shop as it has a diverse range of kitchen solution brands.
- The company has a well-spread and connected distribution network.
- It has an efficient backward integration manufacturing capability.
- The company focuses on its quality and new innovations.
- It has a professional management team with great experience in the kitchen solution industry.
- Stove kraft has a good track record and is financially stable.
Purpose of the IPO:
- To make repayments or prepayment of all or some portion of its borrowings.
- To meet the general corporate purposes.
Financial Performance of the company:
| 6 month period ended 30th September 2020 | FY 2020 | FY 2019 | FY 2018 | |
| Total Revenue | 329.50 | 672.91 | 642.59 | 534.58 |
| Total Expenses | 300.73 | 669.38 | 641.37 | 547.14 |
| Profit after tax | 28.77 | 3.53 | 1.22 | (12.55) |
| Total Assets | 498.49 | 471.29 | 425.72 | 393.64 |
*All the values are in crores and as per DRHP.
Valuation of the company:
| 6 month period ended 30th September 2020 | FY 2020 | FY 2019 | FY 2018 | |
| Basic Earnings per Share (EPS) | 11.64 | 1.28 | 0.33 | (6.35) |
| Diluted Earnings per Share (EPS) | 11.64 | 1.28 | 0.33 | (6.35) |
| Return on Net Worth (%) | 18.43% | 2.51% | 0.60% | N.M. |
| Net Assets Value per Equity Share | (12.11) | (24.35) | (25.87) | (95.29) |
*as per DRHP
Note: N.M. - Not meaningful
IPO details:
| Face Value | ₹10 Per Equity Share |
| Market Lot | 38 Shares |
| Minimum Order Quantity | 38 Shares |
| Price Band | ₹384 - ₹385 Per Equity Share |
| Issue type | Book Built Issue IPO |
| Issue Size | ₹412.63 Crores |
| Fresh Issue | ₹95 Crores |
| Offer for Sale | ₹317.63 Crores |
| Listing | BSE, NSE |
Important IPO dates:
| Open Date | 25th January 2021 |
| Close Date | 28th January 2021 |
| Allotment Date | 02nd February 2021 |
| Initiation of Refunds | 03rd February 2021 |
| The credit of shares to Demat Account | 04th February 2021 |
| Listing Date | 05th February 2021 |
Allocation Quota:
| Category | Portion |
| Qualified Institutional Buyers (QIBs) | 75% |
| Non- Institutional Buyers (NIIs) | 15% |
| Retail Investors | 10% |
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