Stove Kraft IPO
Stove Kraft IPO — date, price band, lot size & details 2021
Stove Kraft listed on 5 Feb 2021 at ₹498, 29.4% above the ₹385 issue price.
Stove Kraft makes kitchen appliances and cookware under the Pigeon and Gilma brands. Its total income was Rs 672.91 crore in FY2020.
Stock price
Stove Kraft is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 25 Jan 2021
- Close 28 Jan 2021
- Allotment 02 Feb 2021
- Refund/credit 03 Feb 2021
- Listing 05 Feb 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 28 Jan, 2021 |
|---|---|
| Price Band | ₹384 – ₹385 |
| Face Value | ₹10 |
| Lot Size | 38 Shares |
| Issue Size | ₹412.62 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,630 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 38 shares at the ₹385 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 38 | ₹14,630 |
| Retail (max) | 13 | 494 | ₹1,90,190 |
| S-HNI (min) | 14 | 532 | ₹2,04,820 |
| S-HNI (max) | 68 | 2,584 | ₹9,94,840 |
| B-HNI (min) | 69 | 2,622 | ₹10,09,470 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Total income rose from Rs 534.59 crore in FY2018 to Rs 672.91 crore in FY2020.
- 02The company moved from a loss of Rs 12.02 crore in FY2018 to a profit of Rs 3.17 crore in FY2020.
- 03Profit after tax was Rs 28.78 crore in the six months to 30 September 2020, far above the full FY2020 profit.
- 04EBITDA rose from Rs 9.97 crore in FY2018 to Rs 45.06 crore in the six months to 30 September 2020.
- 05Rs 76.00 crore of the fresh issue was planned for repaying debt, which stood at Rs 314.29 crore on 30 September 2020.
- 06Under the Pigeon brand it had 651 distributors in 27 states and 5 union territories.
Risks · 6
- 01Net worth was still negative, at minus Rs 29.94 crore, on 30 September 2020.
- 02Profit was very thin before FY2021, at Rs 0.74 crore in FY2019 and Rs 3.17 crore in FY2020.
- 03Rs 317.63 crore of the Rs 412.62 crore issue was offer for sale, so most of the money went to selling shareholders.
- 04The pre-issue P/E was 366.67 at Rs 385, based on FY2020 EPS of Rs 1.05.
- 05Pigeon products made up 86.20% of sales in Fiscal 2020, so the business depends heavily on one brand.
- 06Promoter holding fell from 61.31% before the issue to 54.36% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Stove Kraft offer document.
| Metric | 30 Sep 2020 | 31 Mar 2020 | 31 Mar 2019 | 31 Mar 2018 |
|---|---|---|---|---|
| Assets | 498.50 | 471.29 | 425.73 | 393.64 |
| Total Income | 329.51 | 672.91 | 642.60 | 534.59 |
| Profit After Tax | 28.78 | 3.17 | 0.74 | -12.02 |
| EBITDA | 45.06 | 33.79 | 29.82 | 9.97 |
| NET Worth | -29.94 | -60.18 | -63.95 | -180.10 |
| Reserves and Surplus | -54.66 | -84.90 | -88.66 | -199.00 |
| Total Borrowing | 314.29 | 337.93 | 321.11 | 396.25 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Stove Kraft RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Stove Kraft IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹1.05 | ₹17.68 |
| P/E Ratio (x) | 366.67 | 21.78 |
| Market Cap at Offer Price (₹ Cr) | ₹10,552.67 | ₹626.71 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹385 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹89.58 Cr of the issue is earmarked to named objects.
About the company
The range covers cookware, cooking appliances and household utilities such as consumer lighting. It is one of the main players in pressure cookers, free standing hobs and cooktops. Pigeon products made up 86.20% of sales in Fiscal 2020.
It has plants at Bengaluru in Karnataka and Baddi in Himachal Pradesh. Pigeon and Gilma appliances are made at Bengaluru, while Baddi makes products such as LPG stoves for oil companies. It also exports to countries including the USA, Mexico, Kenya and Sri Lanka.
The IPO was Rs 412.62 crore, with Rs 95.00 crore of fresh issue and Rs 317.63 crore of offer for sale. Rs 76.00 crore of the proceeds was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Stove Kraft IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
74 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Edelweiss Financial Services Ltd
8 issues handledBest listing: Indigo Paints (+75.0%). Weakest: Lodha Developers (-10.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Stove Kraft?
The current Grey Market Premium is ₹40, or 10% over the issue price.
What is the Stove Kraft IPO price band?
₹384 to ₹385, on a face value of ₹10.
When is the allotment?
The basis of allotment is 2 February 2021, with listing on 5 February 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
