Stanley Lifestyles IPO opens for subscription; Check details here

21 Jun 2024 , 11:42 AM

The initial public offering (IPO) of Stanley Lifestyles commenced on Friday, June 21, and will be open for subscription until Tuesday, June 25. The furniture maker is offering its shares within a fixed price band of ₹351-369 per share. Interested investors can bid for a minimum of 40 equity shares and in multiples thereafter.

Day 1 Subscription Status

By 11:38 AM on the first day, the IPO had been subscribed 36%. The retail portion saw a 52% subscription, while non-institutional investors bid for 43% of the shares allocated to them.

IPO Details

Stanley Lifestyles aims to raise approximately ₹537 crore through this IPO. The issue comprises a fresh issue of ₹200 crore and an offer for sale (OFS) of up to 9,130,000 shares worth ₹337 crore by existing shareholders.

Promoters Sunil Suresh and Shubha Sunil will each sell 1.18 million shares in the OFS portion of the IPO. Additionally, investor Oman India Joint Investment Fund II will divest 5,545,000 shares.

Utilization of Funds

The company plans to use the proceeds from the IPO as follows:

• ₹90.1 crore for opening new stores by their subsidiaries.
• ₹40 crore for opening anchor stores.
• ₹10 crore for renovating existing stores.
• ₹6.6 crore for funding capital expenditure requirements for purchasing new machinery and equipment.
• The remaining amount for general corporate purposes.