Stove Kraft will be debt free post IPO, says CMD Rajendra Gandhi
Rajendra Gandhi, CMD of the company, said that it would be a debt free company post the IPO. "We are generating cash every month. With this IPO, we will be more or less debt free.”
The Initial Public Offering (IPO) of Stove Kraft, a kitchen solutions and an emerging home solutions brand is open for subscription from today (January 25) till January 28. With an issue size of 413 crore, the price band is between Rs 384-385 per share.
Rajendra Gandhi, CMD of the company, said that it would be a debt free company post the IPO. "We are generating cash every month. With this IPO, we will be more or less debt free.”
In an interview to CNBC-TV18, Gandhi said they have a presence across the country, but in general trade they have a strong presence in the South. He added that they work with all the modern retailers, however, e-commerce was the fastest growing channel for them.
He said that Stove Kraft is the largest manufacture of gas stoves and is currently looking at indigenisation of free-standing hobs. "Majority of our revenue today – upwards of 90 percent is from the gas stove business and all this is made in the company. We are the largest manufacturer. In the hob segment, we are moving towards indigenisation. This contributes a little less than 10 percent of our revenues in the free-standing hob," he said.
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(Edited by : Priyanka Rathi)
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