The offer received bids for 1.46 crore shares as against 1.02 crore shares on offer.
The initial public offer (IPO) of Stanley Lifestyles received 1,46,69,560 bids for shares as against 1,02,41,507 shares on offer, according to stock exchange data at 17:00 IST on Friday (21 June 2024). The issue was subscribed 1.43 times.The issue opened for bidding on Friday (21 June 2024) and it will close on Tuesday (25 June 2024). The price band of the IPO is fixed at Rs 351 to 369 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.
The IPO comprises fresh issue of equity share aggregating upto Rs 200 crore and the offer for sale of 91.33 lakh equity shares.
The net proceeds are proposed to be utilized towards investment in certain subsidiaries, for opening of new stores, amounting Rs 90.13 crore, for opening of anchor stores amounting Rs 39.99 crore and for renovation of the existing stores amounting Rs 10.04 crore; funding capital expenditure requirements of the company and its material subsidiary Stanley OEM Sofas; general corporate purposes.
Over the next 3 years the company plans to open 24 new stores (2 under Stanley Level Next, 9 under Stanley Boutique, 13 under Sofas & More by Stanley brands) across Delhi (6 stores), Tamil Nadu(5 stores), Telangana(7 stores), Maharashtra(3 stores), and Karnataka(3 stores).
Ahead of the IPO, Stanley Lifestyles on Thursday, 20 June 2024, raised Rs 161.10 crore from anchor investors. The board allotted 43.66 lakh shares at Rs 369 each to 16 anchor investors.
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Stanley Lifestyles, promoted by Sunil Suresh and Subha Sunil, is a super-premium and luxury furniture brand in India offering complete home solutions, including installations. The company designs, manufactures and retails its furniture products under the Stanley brand. Its product portfolio includes sofas, cabinetry and furniture for living rooms, dining rooms, family rooms, kitchens, bedrooms (including bedding products), and home offices.
The firm reported a net profit of Rs 19.78 crore and sales of Rs 313.31 crore for the nine months ended on 31 December 2023.
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