Luxury furniture brand Stanley Lifestyles' initial public offering (IPO) received bids 5.22 times on the second day of bidding on Monday. According to NSE data, the initial share sale worth Rs 537 crore garnered bids for 5,34,55,000 shares against 1,02,41,507 shares on offer. The share of non-institutional investors achieved 8.85 times the subscription, while the share of private individual investors (RIIs) received 6.10 times.
The category of eligible institutional buyers received 74% of subscriptions. The initial public offer (IPO) involves a fresh issue of up to Rs 200 crore and an offer for sale of up to 91,33,454 equity shares. The initial sale of shares will conclude on Tuesday and are priced between Rs 351-369 per share.
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Stanley Lifestyles' IPO was subscribed 1.43 times on the first day of subscription on Friday. Stanley Lifestyles on Thursday said it has raised a little over Rs 161 crore from anchor investors. Net proceeds from the new issue of Rs 90.13 crore will be used by the company to meet expenses for opening new stores, Rs 39.99 crore expenses for opening flagship stores, and Rs 10.04 crore expenses for renovation of existing stores.
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Funds amounting to Rs 8.18 lakh crore to fund capital expenditure requirements for procurement of new machinery and equipment by the company and its physical subsidiary, SOSL (Stanley OEM Sofas Ltd), and for general corporate purposes. Axis Capital, ICICI Securities, JM Financial, and SBI Capital Markets are the lead book-running managers for the offering.
Bengaluru-based Stanley Lifestyles is among the few Indian companies that operate in various price segments, including ultra-premium, luxury, and ultra-luxury, through its multiple brands. The company operates two manufacturing facilities in Bengaluru. The company's shares will be listed on the BSE and NSE.
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(With PTI's Input)