Qualified institutional buyers (QIBs) showed robust interest, subscribing to 222.10 times their allotted quota. Retail investors also demonstrated strong enthusiasm, with subscriptions amounting to 19.21 times the reserved portion. In contrast, the non-institutional investors portion was subscribed 119.52 times.
The IPO of Stanley Lifestyles, which was open for subscription from June 21 to June 25, had a fixed price band of ₹351-369 per share.
The IPO comprised of a fresh issue of ₹200 crore and an offer for sale of up to 9,130,000 shares worth ₹337 crore by existing shareholders.
Sunil Suresh and Shubha Sunil, promoters of Stanley, offloaded 1.18 million shares each in the OFS portion of the IPO. Investor Oman India Joint Investment Fund II will also divest 55.45 lakh shares in the IPO.
The company had raised ₹161.1 crore from 16 anchor investors, including SBI Mutual Fund, Nippon Life India, HDFC MF, Natixis International Funds, among others.
The company will use ₹90 crore out of the proceeds for the opening of new stores by their subsidiaries, ₹40 crore for opening the anchor stores, ₹10 crore for renovation of the existing stores, ₹6.6 crore for funding the capital expenditure requirements for purchase of new machinery and equipment and rest for general corporate purposes.
Stanley Lifestyles is a super-premium and luxury furniture brand in India and among the few home-grown superpremium and luxury consumer brands in India operating at scale in terms of manufacturing as well as retail operations.
The company’s revenue increased by 42.94% and profit after tax (PAT) rose by 50.64% between the financial year ending with March 31, 2023 and March 31, 2022.
