The initial public offering of Stanley Lifestyles Ltd. was subscribed 5.22 times on Monday, after it was fully subscribed on its opening day. The issue was subscribed 1.43 times on day 1 led by non-institutional investors.
The luxury furniture manufacturer's Rs 537-crore maiden share sale consists of a fresh issue of Rs 200 crore and an offer for sale of up to 91.33 lakh equity shares, amounting to Rs 337.02 crore.
The company has set a price band of Rs 351–369 per share for the issue, with face value set at Rs 2 apiece. The IPO, which will close on June 25, can be bid with a minimum of 40 shares, and in multiples thereafter.
Ahead of its IPO, the company raised Rs 161 crore from anchor investors. This IPO will account for 25.53% of the company's post-IPO paid-up equity capital.
Axis Capital Ltd., ICICI Securities Ltd., JM Financial Ltd., and SBI Capital Markets Ltd. will be the book-running lead managers for the issue.
Issue Details
Issue opens: June 21.
Issue closes: June 25.
Issue price: Rs 351–369 per share.
Fresh issue: Rs 200 crore.
Offer for sale: Rs 337.02 crore.
Total issue size: Rs 537.02 crore.
Bid lot: 40 shares.
Listing: BSE and NSE.
Business
The Bengaluru-based company, with two manufacturing facilities in the city, is among the few home-grown luxury consumer brands in the country operating at scale in terms of manufacturing as well as retail operations.
The company will use Rs 90.13 crore of net proceeds from the fresh issue to open new stores, Rs 39.99 crore to open anchor stores, and Rs 10.04 crore to renovate existing stores.
In terms of revenue, the luxury furniture brand has a 5.61% market share.
In financial year 2023, the company's revenue from operations rose to Rs 419 crore from Rs 292.20 crore a year ago, while net profit increased to Rs 34.98 crore, against Rs 23.22 crore a year ago.
Subscription Status: Day 2
The IPO has been subscribed 5.22 times as of 5 p.m. on Monday.
Institutional investors: 0.74 times or 74%.
Non-institutional investors: 8.85 times.
Retail investors: 6.10 times.
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