Stanley Lifestyles, Supported by Oman India Joint Investment Fund, Files for IPO with SEBI

6 Sep 2023 , 01:36 PM

Stanley Lifestyles, supported by the Private Equity Oman India Joint Investment Fund, has submitted draft papers to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO).

The IPO will consist of a fresh issue of shares valued at Rs 200 crore and an offer-for-sale (OFS) component featuring 91.33 lakh shares.

Promoters Sunil Suresh and Shubha Sunil will divest 11.82 lakh shares each through the OFS, while Oman India Joint Investment Fund II will sell 55.44 lakh shares, and Kiran Bhanu Vuppalapati and Sridevi Venkata Vuppalapati will offload 12.25 lakh shares.

Presently, Sunil Suresh and his wife hold a 67.35% stake in the company, while Oman India Joint Investment Fund II, owned by OIJIF-MC, possesses a 26.86% stake. OIJIF-MC benefits from support by two significant sponsors, namely the Oman Investment Authority and State Bank of India.

The home solutions provider is considering raising Rs 40 crore via a private placement (pre-IPO placement) before submitting IPO papers to the Registrar of Companies. If this pre-IPO placement occurs, it may reduce the size of the fresh issue.

Stanley Lifestyles, headquartered in Bengaluru, intends to utilize the proceeds from the fresh issue for purposes such as opening new stores, renovating existing ones, acquiring new machinery and equipment, and addressing general corporate needs.

Claiming the title of India’s largest super-premium and luxury furniture brand, Stanley Lifestyles holds a market share of 5.61% in terms of revenue for the fiscal year FY22. The company offers a comprehensive range of furniture, including sofas, armchairs, kitchen cabinets, beds, mattresses, and pillows, among other products.

Axis Capital, ICICI Securities, JM Financial, and SBI Capital Markets have been appointed as the merchant bankers for the IPO.