Shares of Stanley Lifestyles will be listed at the bourses today. The company has fixed the IPO price at ₹369.
The initial public offering of the Bengaluru-based Stanley Lifestyles was subscribed 96.98 times, thanks mainly to qualified institutional buyers and non-institutional investors (HNIs).
The portion reserved for HNIs was subscribed over 119.52 times, while that for retail investors was subscribed 19.21 times. However, the QIB portion saw aggressive bidding on the last day, taking the subscription to 222.10 times.
The ₹537-crore IPO came out with a price band of ₹351-369. The issue comprised a fresh issue of ₹200 crore and an offer-for-sale of up to 91,33,454 shares by the promoters and other selling shareholders.
As against the offer size of 1.02 crore shares (net off anchor portion), the IPO received bids for 99.32 crore shares.
Stanley Lifestyle makes and retails furniture in the super-premium segment under the “Stanley” brand.
As part of the IPO process, the company has garnered ₹161.10 crore from anchor investors. The company has allocated 43,66,051 shares at ₹369 a share to a number of domestic and foreign institutions, including SBI MF, SBI AF, Nippon MF, ICICI Pru MF, HDFC MF, Quant MF, SBI Life Insurance, Loomis and Sayles, Motilal Oswal MF, Max Life, Wells Capital, Birla Life, Templeton, Bandhan MF, and Param Capital.
The company’s equity shares are proposed to be listed on the BSE and NSE.
The net proceeds from the fresh equity issue will be allocated in the following manner — ₹140.16 crore for investments in subsidiaries, ₹6.66 crore for capital expenditure on machinery and equipment, and the remainder for general corporate purposes.
The book-running lead managers are Axis Capital Ltd, ICICI Securities Ltd, JM Financial Ltd, and SBI Capital Markets Ltd.
Stanley Lifestyle is among the few home-grown super-premium and luxury consumer brands in India, operating at scale in terms of manufacturing as well as retail operations, Stanley said in papers filed with SEBI. “We retail our furniture products under the ‘Stanley’ brand with a wide range of home solutions offerings, such as sofas, armchairs, kitchen cabinets, beds, mattresses, and pillows” it said.
