Stanley Lifestyles Mobilises ₹161.1 Crore from Anchor Investors

21 Jun 2024 , 09:07 AM

Bengaluru-based furniture maker, Stanley Lifestyles, successfully raised ₹161.1 Crore from 16 anchor investors on June 20, just a day before its initial public offering (IPO) opened.

Key Details of the IPO

• IPO Opening and Closing Dates: The ₹537-crore IPO will be open for subscription from June 21 to June 25.
• Price Band: The price band for the IPO is set at ₹351-369 per share.
• Allocation to Anchor Investors: The company has allocated 43,66,051 equity shares to anchor investors at ₹369 per share, which is the upper price band.

Prominent Anchor Investors

Several well-known institutional investors have shown confidence in Stanley Lifestyles by participating in the anchor book. Some of the prominent names include:

• SBI Mutual Fund
• Nippon Life India
• HDFC Mutual Fund
• Quant Mutual Fund
• Eastspring Investments India
• SBI Life Insurance
• Natixis International Funds

Other notable participants include:

• Franklin India
• Bandhan Mutual Fund
• Motilal Oswal Mutual Fund
• Aditya Birla Sun Life Insurance
• Max Life Insurance

Stanley Lifestyles mentioned that out of the total allocation, 26,77,080 equity shares were allocated to seven domestic mutual funds through eight different schemes.

IPO Structure

Stanley Lifestyles aims to raise ₹537 Crore through this IPO, which includes:

• Fresh Issuance: Shares worth ₹200 Crore.
• Offer-for-Sale (OFS): 91.33 lakh equity shares worth ₹337.02 Crore being sold by existing shareholders, including promoters Sunil Suresh and Shubha Sunil.

Allocation for Different Investor Categories

• Qualified Institutional Buyers (QIBs): Half of the offer size, including the anchor book, is reserved for QIBs.
• Retail Investors: 35% of the offer size is reserved for retail investors.
• Non-Institutional Investors: The remaining 15% is allocated for non-institutional investors.

Bidding Information

Investors can bid for a minimum of 40 equity shares and in multiples of 40 shares thereafter.