MUMBAI, 14 JUNE, 2024 (TGN): Luxury furniture brand Stanley Lifestyles wants to raise Rs 537 crore through IPO. The company’s public issue is going to open on June 21. The price band for this has been fixed at Rs 351-369 per share and lot size is 40 shares. Anchor investors will be able to bid in this IPO on June 20. The issue will close on June 25. Allotment of shares may be finalized on June 26 and listing is likely to happen on BSE and NSE on June 28.
Stanley Lifestyles IPO will issue 54 lakh new shares worth Rs 200 crore. There will also be an offer for sale (OFS) of 91.33 lakh shares worth Rs 337.02 crore from the promoters and other existing shareholders. The promoters of the company are Sunil Suresh and Shubha Sunil.
Stanley Lifestyles’ public issue is reserved for 50 per cent qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors. Axis Capital Limited, ICICI Securities Limited, Jm Financial Limited and SBI Capital Markets Limited are the book running lead managers for the IPO. The registrar is KFin Technologies Limited.
The money raised from the issuance of new shares in the IPO will be used to open new stores and purchase new machinery and equipment. Stanley Lifestyles plans to open 24 new stores in Delhi, Tamil Nadu, Telangana and Maharashtra between 2025 and 2027. The company will do this through its subsidiaries – ABS Seating Private Limited, Sana Lifestyles Limited, Stanley Retail Limited, Shrasta Décor Pvt. Ltd. and Staras Seating Pvt. Ltd.
Bengaluru-based Stanley Lifestyles is a luxury furniture brand. It sells products in various price categories including super-premium, luxury and ultra-luxury. The company has two manufacturing facilities in Bengaluru. According to investorgain.com, even before the IPO opens, Stanley Lifestyles shares are trading at a premium of Rs 80 or 21.68 per cent over the IPO’s upper price band of Rs 369 in the grey market.ENDS (TGN)
