Stanley Lifestyles IPO Draws Massive Interest, Subscribed 97 Times

The luxury furniture brand Stanley Lifestyles saw its initial public offering (IPO) subscribed 96.98 times on the final subscription day, Tuesday. According to NSE data, the Rs 537-crore share-sale received bids for 99,32,30,160 shares against the 1,02,41,507 shares available.

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Subscription Details

Qualified institutional buyers (QIBs) showed significant interest, with their portion subscribed 222.10 times. Non-institutional investors also displayed strong demand, subscribing 119.52 times. Retail individual investors (RIIs) attracted a subscription rate of 19.21 times.

The IPO includes a fresh issue of up to Rs 200 crore and an offer for sale of up to 91,33,454 equity shares. The price range for the initial share-sale is set between Rs 351-369 per share.

Anchor Investors and Fund Allocation

On Thursday, Stanley Lifestyles announced it had raised over Rs 161 crore from anchor investors. The net proceeds from the fresh issue will be allocated as follows: Rs 90.13 crore for opening new stores, Rs 39.99 crore for anchor stores, and Rs 10.04 crore for renovating existing stores.

Additionally, Rs 8.18 crore will be used for purchasing new machinery and equipment by the company and its subsidiary SOSL Stanley OEM Sofas Ltd. The remaining funds will be utilised for general corporate purposes.

Company Overview

Stanley Lifestyles is based in Bengaluru and operates in various price categories including super-premium, luxury, and ultra-luxury through multiple brands. The company has two manufacturing facilities located in Bengaluru.

The IPO was subscribed 1.43 times on its first day of subscription last Friday. Axis Capital, ICICI Securities, JM Financial, and SBI Capital Markets are the book-running lead managers for this offer.

The equity shares of Stanley Lifestyles will be listed on both the BSE and NSE exchanges.