Shares of Stanley Lifestyles Ltd. ended on the BSE on Friday at Rs 479.50 apiece, a premium of 29.95% over its issue price of Rs 369 per share. On the National Stock Exchange, the stock closed at Rs 479 per share, a premium of 29.8%.
The Rs 537-crore initial public offering was subscribed 96.98 times during its three-day issue. The IPO consisted of a fresh issue of Rs 200 crore and an offer for sale of up to 91.3 lakh equity shares, amounting to Rs 337 crore.
The company will use Rs 140.2 crore for investments in subsidiaries. The luxury furniture manufacturer plans to invest Rs 6.66 crore in capital expenditure on machinery and equipment and the remaining in general corporate purposes. It will use Rs 90.1 crore of net proceeds from the fresh issue to open new stores, Rs 39.99 crore to open anchor stores, and Rs 10 crore to renovate existing stores.
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. 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 292.2 crore a year ago, while net profit increased to Rs 34.98 crore, against Rs 23.2 crore a year ago.
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