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Stanley Lifestyles IPO subscribed 1.43 times on day 1 of offer

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The initial share sale received bids for 1,46,69,560 shares against 1,02,41,507 shares on offer, as per NSE data

New Delhi: The initial public offer of luxury furniture brand Stanley Lifestyles got subscribed 1.43 times on the first day of subscription on Friday.

The initial share sale received bids for 1,46,69,560 shares against 1,02,41,507 shares on offer, as per NSE data.

The category for non-institutional investors fetched 2.01 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 1.80 times. The part meant for Qualified Institutional Buyers (QIBs) received 30 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to 91,33,454 equity shares.

Price range for the offer is fixed at Rs 351-369 per share.

Stanley Lifestyles on Thursday said it has raised a little over Rs 161 crore from anchor investors.

The Rs 537 crore IPO will conclude on June 25.

The net proceeds from the fresh issue to the tune of Rs 90.13 crore will be used by the company towards expenditure for opening new stores, Rs 39.99 crore expenditure for opening the anchor stores and Rs 10.04 crore expenditure for renovation of existing stores.

Funds to the tune of Rs 8.18 crore for funding the capital expenditure requirements for the purchase of new machinery and equipment by the company and its material subsidiary, SOSL (Stanley OEM Sofas Ltd) and for general corporate purposes.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the book-running lead managers to the offer.

Bengaluru-based Stanley Lifestyles is among the few Indian companies operating in various price categories, including super-premium, luxury, and ultra-luxury, through its multiple brands.

The company operates two manufacturing facilities in Bengaluru.

The equity shares of the company will be listed on BSE and NSE.

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