New Delhi: Luxury furniture brand Stanley Lifestyles on Thursday said it had raised a little over Rs 161 crore from anchor investors, a day ahead of its initial share sale.
Those who have been allotted shares are: SBI Mutual Fund (MF), Nippon India MF, ICICI Prudential MF, HDFC MF, Quant MF, Motilal Oswal MF, Bandhan MF, SBI Life Insurance Company and Max Life Insurance Company, according to a Circular uploaded on the BSE website.
Stanley Lifestyles has decided to allocate 43.66 lakh equity shares to 16 funds at Rs 369 each, taking the total transaction size to Rs 161.1 crore.
The Rs 537 crore initial public offering (IPO), with a price band of Rs 351 to Rs 369 per share, will open for public subscription on June 21 and will conclude on June 25.
The IPO comprises a fresh issue of shares worth Rs 200 crore and an offer for sale (OFS) component of 91.33 lakh shares by the company's promoters and other shareholders to the tune of 337 crores at the higher end of the price. band.
The company will utilize the net proceeds of the fresh issue to the tune of Rs 90.13 million for opening expenses of new stores, expenses of Rs 39.99 million for opening of anchor stores and expenses of Rs 10.04 million. rupees for renovation of existing stores.
Funds in the amount of Rs 8.18 crore to finance capital expenditure requirements for the purchase of new machinery and equipment by the company and its materials subsidiary, SOSL (Stanley OEM Sofas Ltd) and for general corporate purposes .
Half the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Additionally, investors can bid for a minimum of 40 shares and subsequently in multiples of 40 shares.
Bengaluru-based Stanley Lifestyles is a luxury furniture brand and is among the few Indian companies that operate across multiple price categories, including super-premium, luxury and ultra-luxury, across its multiple brands.
The company operates two manufacturing facilities in Bengaluru.
For FY23, the company's operating income rose to Rs 419 crore, from Rs 292.20 crore a year ago, while net profit rose to Rs 34.98 crore in FY23, up from to 23.22 crore a year ago.
Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets Ltd are the lead managers of the issue. The company's shares will be listed on BSE and NSE.
Those who have been allotted shares are: SBI Mutual Fund (MF), Nippon India MF, ICICI Prudential MF, HDFC MF, Quant MF, Motilal Oswal MF, Bandhan MF, SBI Life Insurance Company and Max Life Insurance Company, according to a Circular uploaded on the BSE website.
Stanley Lifestyles has decided to allocate 43.66 lakh equity shares to 16 funds at Rs 369 each, taking the total transaction size to Rs 161.1 crore.
The Rs 537 crore initial public offering (IPO), with a price band of Rs 351 to Rs 369 per share, will open for public subscription on June 21 and will conclude on June 25.
The IPO comprises a fresh issue of shares worth Rs 200 crore and an offer for sale (OFS) component of 91.33 lakh shares by the company's promoters and other shareholders to the tune of 337 crores at the higher end of the price. band.
The company will utilize the net proceeds of the fresh issue to the tune of Rs 90.13 million for opening expenses of new stores, expenses of Rs 39.99 million for opening of anchor stores and expenses of Rs 10.04 million. rupees for renovation of existing stores.
Funds in the amount of Rs 8.18 crore to finance capital expenditure requirements for the purchase of new machinery and equipment by the company and its materials subsidiary, SOSL (Stanley OEM Sofas Ltd) and for general corporate purposes .
Half the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Additionally, investors can bid for a minimum of 40 shares and subsequently in multiples of 40 shares.
Bengaluru-based Stanley Lifestyles is a luxury furniture brand and is among the few Indian companies that operate across multiple price categories, including super-premium, luxury and ultra-luxury, across its multiple brands.
The company operates two manufacturing facilities in Bengaluru.
For FY23, the company's operating income rose to Rs 419 crore, from Rs 292.20 crore a year ago, while net profit rose to Rs 34.98 crore in FY23, up from to 23.22 crore a year ago.
Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets Ltd are the lead managers of the issue. The company's shares will be listed on BSE and NSE.
