Stove Kraft Ltd, manufacturer of kitchen appliances, has raised a little over Rs 185 crore from anchor investors ahead of its initial public offer, which will open for subscription on Monday.

A total of 48,22,290 shares have been allotted to 32 anchor investors at Rs 385 apiece, which is the upper end of the price band. At this price, the company raised Rs 185.68 crore, according to a BSE circular issued late evening on Friday.

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Among the anchor investors are Goldnan Sachs India, Nippon Life India Trustee, Bajaj Allianz Life Insurance Company, IIFL Special Opportunities Fund, Integrated Core Strategies Asia Pte Ltd and Sundaram Mutual Fund.

Stove Kraft’s initial share-sale offer comprises a fresh issue of equity shares aggregating up to Rs 95 crore and an offer for sale of up to 82.50 lakh equity shares.

The offer for sale comprises up to 6,90,700 shares by promoter Rajendra Gandhi; up to 59,300 shares by promoter Sunita Rajendra Gandhi; up to 14,92,080 shares by Sequoia Capital India Growth Investment Holdings and up to 6,007,920 shares by SCI Growth Investments II.

The price band has been set at Rs 384-385 per share for the initial share-sale, which would be open for public subscription during January 25-28.

At the upper end of the price band, the initial public offer (IPO) is expected to fetch Rs 412.62 crore.

This would be the fourth company to launch an IPO in January, after Indian Railway Finance Corporation and Indigo Paints which concluded this week, while that of Home First Finance Company is currently open for public subscription.

Sequoia Capital-backed firm proposes to utilise the net proceeds from the fresh issue towards repayment or pre-payment of certain borrowings availed by the firm and for other general corporate purposes.

The company is engaged in the manufacture and retail of a wide and diverse suite of kitchen solutions under Pigeon and Gilma brands.

It is a kitchen solutions and an emerging home solutions brand. The kitchen solutions comprise cookware and cooking appliances across brands, and home solutions comprise various household utilities, including consumer lighting.

The book running lead managers to the offer are Edelweiss Financial Services and JM Financial. The company’s shares are proposed to be listed on stock exchanges.