Stove Kraft got listed on the bourses today and it too had a fantastic debut. It got listed on the BSE at Rs.467 v/s IPO price of Rs.385. It also went as high as Rs.495 though it is now trading at Rs.440 levels.
The IPO was subscribed 18 times, a much tepid response compared with Home First and Indigo Paints. Its QIB portion was subscribed 8 times and NII at 32 times.
In our New Issue Analysis we had concluded, “Company’s financials have improved and operational turnaround looks sustainable. Attractive valuation multiples supported by consumption tailwinds make this IPO a good bet.”