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Stanley Lifestyles Shares List at 35% Premium on Stock Exchanges

28 Jun 2024 , 09:48 AM

Shares of super-premium and luxury furniture maker Stanley Lifestyles made a strong debut, listing at a 35% premium. On the NSE, the shares opened at ₹494.95, reflecting a 34.13% premium over the issue price of ₹351. On the BSE, the shares are listed at ₹499, marking a 35.23% premium.

The initial public offering (IPO) of the Bengaluru-based company saw a subscription rate of 96.98 times during the June 21-25 bidding period. Investors bought 99.32 crore equity shares against the offer size of 1.02 crore shares. Qualified institutional buyers led the charge, bidding 222.1 times the portion allotted to them. Non-institutional investors (high net-worth individuals) followed, purchasing 119.52 times their quota, while retail investors subscribed to 19.21 times their reserved portion.

Stanley Lifestyles raised ₹537.02 crore through its maiden public issue at the upper price band, with ₹200 crore from a fresh issue component and ₹337.02 crore from an offer-for-sale. The price band for the offer was set at ₹351-369 per share.

By December 2023, Stanley Lifestyles operated 38 ‘company owned and company operated’ (COCO) stores in major metro cities, along with 24 ‘franchisee-owned and franchisee-operated’ (FOFO) stores across 21 cities in India. The company plans to establish 24 new stores between FY25 and FY27.

The proceeds from the fresh issue will be utilized for the opening of new stores and anchor stores, renovating existing stores, purchasing new machinery and equipment, and for general corporate purposes.

Related Tags

  • IPO
  • IPO listing
  • Stanley Lifestyles
  • Stanley Lifestyles IPO
  • Stanley Lifestyles listing price
  • Stanley Lifestyles share price
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