Stove Kraft
Mainboard₹413 Cr issue
+21.30%
Listing gain over issue price
Issue size
₹413 Cr
1 lot at cut-off
₹14,630
Lot size
38shares
Open
25 Jan 2021
Close
28 Jan 2021
Allotment
02 Feb 2021
Listing
05 Feb 2021
Listing performance
Issue price
₹385
Listed at
₹467
Listing-day close
₹445.95
Latest price
₹792.25
Close on 23 Oct 2026
Listing gain
+21.30%
Return since issue
+105.78%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jan 2021 – 28 Jan 2021
- Listing date
- 05 Feb 2021
- Face value
- ₹10 per share
- Issue price
- ₹385 per share
- Lot size
- 38 shares
- Total issue size
- ₹413 Cr
- Market cap at offer price
- ₹1,253 Cr
- Promoter holding
- 61.31% → 54.36% pre-issue → post-issue
- ISIN
- INE00IN01015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Edelweiss Financial Services Ltd.
- Registered office
- 81/1, Medamarana Halli Village, Harohalli Hobli, Kanakapura Taluk, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 48,22,890 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 38 shares per lot, in multiples, at ₹385
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
48,22,890
Anchor portion
₹186 Cr
at ₹385 per share
Valuation and performance
Valuation at offer price
₹385 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹1,253 Cr |
About Stove Kraft
Stove Kraft Limited, incorporated in 1999 and converted to a public company in 2018, is a kitchen solutions and emerging home solutions brand, and one of the leading brands for kitchen appliances in India. The company manufactures and retails a wide suite of kitchen solutions comprising cookware and cooking appliances under its Pigeon and Gilma brands, and proposes to commence manufacturing under the BLACK + DECKER brand. Its home solutions comprise various household utilities including consumer lighting. The company operates two manufacturing facilities—one in Bengaluru, Karnataka and another in Baddi, Himachal Pradesh—and distributes products through third-party retail outlets, C&F agents, franchisees, and online platforms. Its promoters are Rajendra Gandhi and Sunita Rajendra Gandhi. During Fiscal 2020, Pigeon-branded products contributed 86.20% of revenues, while traded products contributed 27.59%.
Company Analysis
from RHPStove Kraft Limited manufactures and retails kitchen solutions (cookware and cooking appliances) and home solutions (consumer lighting and household utilities) under the Pigeon and Gilma brands, with emerging operations in home-related products.
Stove Kraft Limited, incorporated in 1999 and converted to a public company in 2018, is a kitchen solutions and emerging home solutions brand, and one of the leading brands for kitchen appliances in India. The company manufactures and retails a wide suite of kitchen solutions comprising cookware and cooking appliances under its Pigeon and Gilma brands, and proposes to commence manufacturing under the BLACK + DECKER brand. Its home solutions comprise various household utilities including consumer lighting. The company operates two manufacturing facilities—one in Bengaluru, Karnataka and another in Baddi, Himachal Pradesh—and distributes products through third-party retail outlets, C&F agents, franchisees, and online platforms. Its promoters are Rajendra Gandhi and Sunita Rajendra Gandhi. During Fiscal 2020, Pigeon-branded products contributed 86.20% of revenues, while traded products contributed 27.59%.
Kitchen appliances manufacturing and retailCookware and cooking appliancesConsumer lightingHome solutions and household utilitiesRetail distribution
Objects of the Issue
- Repayment/pre-payment, in full or part, of certain borrowings availed by our Company ₹760.00 million p.16
- General corporate purposes p.16
- Repayment/pre-payment, in full or part, of certain borrowings availed by the Company ₹760.00 million p.75
- General corporate purposes p.77
- Fresh Issue of up to [●] Equity Shares aggregating up to ₹950.00 million ₹950.00 million p.283
Issue Structure
- Total Issue
- up to ₹[●] million
- Fresh Issue
- up to [●] Equity Shares aggregating up to ₹950.00 million
- Offer for Sale
- up to 8,250,000 Equity Shares comprising of up to 690,700 Equity Shares by Rajendra Gandhi, up to 59,300 Equity Shares by Sunita Rajendra Gandhi, up to 1,492,080 Equity Shares by SCI-GIH and up to 6,007,920 Equity Shares by SCI, aggregating up to ₹[●] million
- Price Band
- Price band of a minimum price of ₹[●] per Equity Share (Floor Price) and the maximum price of ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company manufactures kitchen appliances (cookware, cooking appliances) and home solutions (consumer lighting, household utilities) and sells them through third-party distribution channels including retail stores, multi-retail outlets, franchisee stores (particularly for Gilma brand), and online platforms. It also trades in products sourced from OEMs. Revenue is generated from the sale of manufactured products under Pigeon and Gilma brands and traded products. The company uses a hub-and-spoke distribution model through C&F agents and distributors.
Business Segments
Manufacture and retail of cookware, cooking appliances, and other kitchen solutions under the Pigeon brand
Manufacture and retail of kitchen solutions under the Gilma brand, sold exclusively through franchisee stores
Manufacture and retail of LED products under the Pigeon brand
Trading of products sourced from third-party OEMs
Manufacture and sale of kitchen appliances and consumer kitchenware products under the company's portfolio of brands
Manufacture and sale of commercial kitchen equipment solutions
Trading of kitchen-related products sourced from third parties, including sourcing from China
Includes cooker hoods (kitchen chimneys), built-in and free-standing hobs, and cooktops. In 2020, the category had retail volume sales of 14.2 million units valued at INR 111 billion, expected to reach 21.7 million units valued at INR 201 billion by 2025.
Includes pressure cookers, electric kettles, electric rice cookers, coffee makers, juice extractors, mixer grinders, blenders, and food processors. In 2020, retail volume sales were 52.6 million units valued at INR 86.1 billion, expected to grow to 74.5 million units valued at INR 127.25 billion by 2025.
Includes non-stick cookware coated with synthetic polymers such as PTFE or ceramic, anodized aluminum, or enameled iron. Products include frying pans, tawas, kadais, and regional cuisine-specific items. In 2020, retail volume was 7.1 million units valued at INR 9.6 billion, expected to reach 11.4 million units valued at INR 21.0 billion by 2025.
Includes floor mops, dustbins, ladders, clothes drying stands, water bottles and flasks, emergency lamps, and in recent times IR thermometers and pulse oximeters (introduced during COVID-19). These are primarily sold through unorganized markets dominated by small local/regional players.
Pigeon branded LED products for consumer lighting, manufactured at the Bengaluru facility since June 2019. Product range includes LED bulbs, battens, and downlights. During the six-month period ended September 30, 2020 and Fiscal 2020, LED products contributed ₹218.64 million and ₹330.65 million respectively.
Manufacturing and sale of pressure cookers, LPG stoves, non-stick cookware, and wick stoves under the Pigeon brand
Trading of kitchen, home and electrical appliances including Black and Decker and Gilma branded products
Manufactures and retails cookware and cooking appliances including pressure cookers, non-stick cookware (roller coated and spray coated), LPG gas stoves, mixer grinders, induction cooktops, and LED bulbs under the value segment
Manufactures and retails semi-premium kitchen products including chimneys, hobs and cooktops across price ranges and designs, sold exclusively through franchisee-owned branded stores
Exclusively retails and provides post-sales services for premium kitchen and domestic appliances including blenders and juicers, breakfast appliances, small cooking appliances under BLACK + DECKER brand under exclusive brand licensing agreement with Stanley Black & Decker, Inc. Manufacturing of BLACK + DECKER branded products is yet to commence.
Trades in products sourced from third-party OEMs including chimneys, hobs, irons, air coolers, kettles, water bottles, flasks, chairs, rice cookers, IR thermometers, pulse oximeters
SWOT Analysis
Strengths
- • Leading kitchen appliances brand with strong market position(p.16)
- • Diverse product portfolio across multiple brands and categories(p.16)
- • Pigeon brand dominates revenue contribution(p.21)
- • Established distribution network across India(p.30)
- • Integrated manufacturing with backward integration capability(p.81)
- • Diversified, award-winning brand portfolio across kitchen solutions(p.81)
- • Multi-channel distribution network with dedicated after-sales service(p.81)
- • Experienced management team with track record in kitchen solutions industry(p.81)
- • Consistent focus on quality and innovation(p.81)
- • Strong financial stability and track record(p.81)
- • One of India's leading manufacturers of kitchen appliances with strong brand portfolio(p.122)
- • Pigeon brand has strong market recall and 15+ years of presence(p.121)
- • Backward integrated manufacturing with owned facilities and fully automated roller coating line(p.124)
- • Widespread distribution network with 651 distributors across 27 states and 45,475 retail outlets(p.122)
- • Strong manufacturing capacity with 38.40 million units at Bengaluru facility as of September 2020(p.121)
- • Successful expansion into premium segment through BLACK+DECKER brand licensing(p.123)
- • Professional management team with extensive industry experience(p.125)
- • Experienced management with strong track record in consumer durables(p.157)
- • Established board with independent directors from reputable companies(p.157)
- • Proven profitability improvement trend(p.181)
- • Strong cash generation from operations in recent period(p.183)
- • Dominant promoter shareholding ensures alignment(p.159)
- • Market-leading position in key product categories(p.240)
- • Strong brand equity with long market presence(p.240)
- • Vertical integration with manufacturing control(p.241)
- • Significant spare manufacturing capacity for expansion(p.241)
- • Extensive distribution network across India(p.241)
- • Experienced promoter with sector expertise(p.241)
- • Strong recent financial performance improvement(p.241)
Weaknesses
- • Litigation risk over Pigeon trademark ownership and usage(p.21)
- • High dependence on third-party suppliers with no long-term contracts(p.21)
- • Negative net worth and negative cash flows from operations(p.28)
- • High debt-to-equity ratio indicating financial leverage(p.29)
- • Manufacturing facilities subject to regulatory compliance risks(p.26)
- • Promoter involved in legal proceedings and competing business(p.25)
- • Negative net worth and accumulated losses(p.50)
- • Significant debt burden with most assets mortgaged as security(p.41)
- • Pending criminal environmental violation proceedings against promoter(p.42)
- • Heavy reliance on third-party manufacturers for traded products without awareness of their encumbrances(p.41)
- • No dividend payment history and uncertain future dividends(p.41)
- • Influence of Sequoia nominee director on Board decisions post-IPO(p.41)
- • Significant dependence on few key C&F agents for distribution(p.138)
- • High concentration of manufactured products in two facilities(p.121)
- • Low capacity utilization across manufacturing facilities(p.131)
- • Reduction in C&F agents post-COVID-19(p.122)
- • Dependence on traded products for 19-31% of sales(p.122)
- • Regulatory issues with manufacturing facility land(p.130)
- • Negative equity position and accumulated losses(p.180)
- • High leverage with significant borrowings(p.180)
- • Director disqualification issue under Companies Act(p.177)
- • Conflict of interest with related party business(p.170)
- • Delayed financial reporting by group company(p.172)
- • Negative accumulated equity due to historical losses(p.215)
- • High leverage with net debt to equity ratio of 0.77(p.215)
- • Dependence on third-party distribution with limited control(p.242)
- • Concentration risk with one major customer(p.226)
- • Short-term distribution agreements without long-term contracts(p.242)
- • High contingent liabilities from indirect tax matters under appeal(p.253)
- • Promoter litigation affecting governance(p.228)
- • Multiple pending regulatory and compliance violations across labor, environmental, and statutory domains(p.262)
- • Significant outstanding EPF and provident fund liabilities to government bodies(p.262)
- • Ongoing trademark infringement litigation with associate company PAPL(p.264)
- • Substantial outstanding trade payables to creditors(p.265)
- • Non-compliance with export promotion capital goods license conditions(p.262)
- • Multiple unresolved pollution and waste management violations(p.264)
- • Trade debtor liability to liquidating company with accumulated interest obligations(p.265)
Opportunities
- • Expansion into new geographic regions beyond southern India(p.27)
- • Launch of BLACK + DECKER branded products in new categories(p.16)
- • Entry into adjacent product categories(p.27)
- • Growth through organized retail and e-commerce channels(p.38)
- • Rising per capita income and disposable income growth in India(p.92)
- • Strong long-term GDP growth trajectory(p.91)
- • Young demographic structure driving future consumption(p.92)
- • Tier-II and Tier-III cities emerging as high-growth markets with brand-conscious consumers(p.92)
- • Global kitchen appliances market expansion with strong CAGR(p.91)
- • Indian retail industry among fastest-growing globally with foreign participation(p.91)
- • Expanding addressable market through increased distribution network across unserved geographies(p.125)
- • Growing Indian middle class with 547 million projected by 2025-26(p.94)
- • Rising disposable incomes and per capita consumption expected to grow at 14% annually(p.96)
- • Kitchen appliances market growing at 9-9.9% CAGR to reach INR 238 billion by 2022(p.102)
- • E-commerce market projected to reach US $200 billion by 2025 with 1,200% growth(p.97)
- • Rural electrification creating new market for kitchen appliances(p.102)
- • Pradhan Mantri Ujjwala Yojana increasing LPG stove users(p.102)
- • Opportunity to expand portfolio and increase manufacturing of products vs. traded products(p.126)
- • Strategic expansion through capital investments(p.183)
- • Revenue growth from operations(p.212)
- • Investment in technology and software development(p.201)
- • Capacity expansion at manufacturing facilities(p.180)
- • Expansion into premium segment via BLACK + DECKER brand licensing(p.240)
- • Growth in e-commerce channel(p.248)
- • Expansion through modern retail channels(p.248)
- • LED products manufacturing launched with growth potential(p.240)
- • Planned capacity expansion through new manufacturing equipment(p.253)
- • Growing market reach in under-penetrated geographies(p.242)
- • Portfolio expansion through exclusive Gilma stores(p.241)
- • Established trademark portfolio across STOVEKRAFT, PIGEON, GILMA, and Master Cuisine brands(p.268)
- • Portfolio of design registrations and pending patent applications for product innovation(p.268)
- • Bureau of Indian Standards and Bureau of Energy Efficiency certifications demonstrating product compliance(p.269)
Threats
- • Severe disruption from COVID-19 pandemic affecting operations and supply chains(p.23)
- • Intense competition from organized and unorganized players(p.27)
- • Dependence on third-party distribution with limited control(p.23)
- • Geographic concentration risk in southern India(p.30)
- • Regulatory compliance and approval delays(p.30)
- • Seasonal volatility affecting revenue patterns(p.34)
- • Unhedged foreign exchange exposure impacting input costs(p.41)
- • Depreciation of Rupee against foreign currencies affecting operations and export competitiveness(p.41)
- • Economic slowdown risk and commodity price volatility(p.43)
- • Exposure to changes in environmental regulations and compliance costs(p.41)
- • Regulatory uncertainty including GST and tax law changes(p.43)
- • Manufacturing disruption risk from third-party facility enforcement actions(p.41)
- • Natural calamities impacting Indian economy and business operations(p.47)
- • Geopolitical risks and civil unrest affecting business operations(p.47)
- • Competition from organized and unorganized players in kitchen appliances market(p.102)
- • Market concentrated in South India; weak presence in East India(p.102)
- • COVID-19 pandemic has adversely impacted business with manufacturing shutdowns and supply disruptions(p.122)
- • Dependency on imports for certain product categories and components(p.122)
- • GST placing large domestic appliances in highest 28% tax bracket(p.100)
- • Health and safety concerns around non-stick coatings affecting market demand(p.103)
- • Dependence on a few key brands (Pigeon and Gilma) for significant portion of revenue(p.121)
- • High financial leverage and debt service obligations(p.213)
- • Dependence on working capital borrowings(p.210)
- • Exposure to currency fluctuation risks(p.191)
- • Litigation involving related parties(p.202)
- • Uncertainty in income tax matters(p.178)
- • Volatility in aluminum and steel commodity prices(p.253)
- • Foreign exchange exposure from imports and exports(p.254)
- • Intense competition from organized and unorganized players(p.242)
- • Seasonality of demand affecting quarterly revenue(p.242)
- • Dependence on limited number of raw material suppliers(p.242)
- • Risk of supply disruption from equipment manufacturing constraints(p.241)
- • Complex and evolving regulatory landscape with multiple pending labor and environmental compliance matters(p.263)
- • Uncertainty regarding export promotion license compliance and potential denial of renewal(p.263)
- • Regulatory restrictions on foreign ownership and investment subject to government approval(p.301)
- • Potential capital market restrictions through SEBI or other governmental authorities(p.270)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajendra Gandhi | Promoter and Promoter Selling Shareholder | 60.45% | — |
| Sunita Rajendra Gandhi | Promoter and Promoter Selling Shareholder | 0.86% | — |
| Rajendra Gandhi | Promoter | 60.45% | — |
| Sunita Rajendra Gandhi | Promoter | 0.86% | — |
| SCI | Promoter Group/Investor Selling Shareholder | 30.76% | — |
| SCI-GIH | Promoter Group/Investor Selling Shareholder (Foreign Venture Capital Investor) | 7.63% | — |
| Rajendra Gandhi | Promoter | — | — |
| Rajendra Gandhi | Promoter | 60.45% | — |
| Sunita Rajendra Gandhi | Promoter | 0.86% | — |
| Rajendra Gandhi | Promoter/Managing Director | — | — |
| Rajendra Gandhi | Promoter | — | — |
| Sunita Rajendra Gandhi | Promoter | — | — |
| Rajendra Gandhi | Promoter/Managing Director | — | — |
| Sunita Rajendra Gandhi | Promoter | — | — |
Leadership
Rajendra Gandhi · Promoter and Managing Director
Sunita Rajendra Gandhi · Promoter
Shashidhar SK · Chief Financial Officer, Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Stove Kraft IPO FAQs
What is the lot size of Stove Kraft IPO?
The minimum lot size of Stove Kraft IPO is 38 shares. One lot costs ₹14,630 at the cut-off price.
When does Stove Kraft IPO open and close?
Stove Kraft IPO opened for subscription on 25 Jan 2021 and closed on 28 Jan 2021.
What is the listing date of Stove Kraft IPO?
Stove Kraft IPO listed on 05 Feb 2021.