Incorporated on June 28, 1999, Stove Kraft Limited (“Stove Kraft'') is the kitchen solutions and an emerging home solutions brand and one of the leading brands for kitchen appliances in India and one of the dominant players for pressure cookers and a market leader in the sale of freestanding hobs and cooktops. Stove Kraft is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under the Pigeon and Gilma brands, and proposes to commence manufacturing of kitchen solutions under the BLACK + DECKER brand, covering the entire range of value, semi-premium and premium kitchen solutions, respectively.

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Stove Kraft Limited Issue Highlights:

Axis Capital says that Stove Kraft Limited is a fresh Issue of Equity shares aggregating upto Rs 95 cr and Offer for sale of upto 8250000 Equity Shares. Issue size is of Rs 411.80 cr – 412.65 cr and the number of shares is 10723958 - 10717532 Shares Face value at Rs 10. Price band of the issue is Rs 384 – Rs 385. Bid Lot is of 38 Shares and in multiple thereof. Post Issue Implied Market Cap is of Rs 1250 cr – Rs 1253 cr. Book Run Lead Managers are Edelweiss Financial and JM Financial the Registrar is KFin Technologies. Issue opens on Monday, 25th Jan’ 2021 and closes on Wednesday,28th Jan’2021.

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Axis Capital says that the kitchen solutions comprise cookware and cooking appliances across their brands, and the home solutions comprise various household utilities, including consumer lighting. Pigeon branded products were amongst the leading brands in the market for certain products such as free standing hobs, cooktops, non-stick cookware, LPG gas stoves and induction cooktops. The Gilma portfolio comprises chimneys, hobs and cooktops across price ranges and designs.

In addition to their established presence in the value and semi premium segments through the Pigeon and Gilma brands, Stove Kraft also entered the premium segment in 2016 pursuant to their exclusive BLACK + DECKER Brand Licensing Agreement with Stanley Black & Decker, Inc. and The Black and Decker Corporation.

Stove Kraft has 2 manufacturing facilities, one each in Bengaluru, Karnataka and Baddi, Himachal Pradesh. As of September 30, 2020, they manufacture 79.75% of their Pigeon and Gilma branded products (in terms of number of units) at their well-equipped and backward integrated manufacturing facilities.

Stove Kraft has a separate distribution network for each of their Pigeon, Gilma and BLACK + DECKER brands. Further, there is a separate distribution network for the Pigeon LED products. They have 651 distributors in more than 27 states of India and 5 union territories of India and 12 distributors for their products that are exported as of Sept 30, 2020.

The company was incorporated as “Stove Kraft Private Limited” on June 28, 1999 at Bengaluru, Karnataka, India. Rajendra Gandhi and Sunita Rajendra Gandhi are the Promoters of the company. The Promoters hold an aggregate of 18,443,919 Equity Shares, aggregating to 61.31% of the pre-Offer issued, subscribed and paid-up Equity Share capital of the company.