New Delhi: Shares of luxury furniture brand Stanley Lifestyles Ltd on Friday got listed at a premium of over 38 per cent against the issue price of Rs 369.
The stock started trading at Rs 499, indicating a rise of 35.23 per cent on the BSE. Later it increased by 38.21 percent to Rs 510.
It was listed on NSE at Rs 494.95 with a gain of 34.13 percent.
The initial public offering (IPO) of Stanley Lifestyles was subscribed 96.98 times on the last day of subscription on Tuesday.
The initial share sale of Rs 537 crore involved a fresh issue of up to Rs 200 crore and an offer for sale of 91,33,454 equity shares.
The price range in the initial share-sale was Rs 351-369 per share.
The net proceeds of Rs 90.13 crore from the fresh issue will be used by the company to meet expenses for opening new stores, Rs 39.99 crore for opening anchor stores and Rs 10.04 crore for renovation of existing stores.
An amount of Rs 8.18 crore to finance capital expenditure requirements for purchase of new machinery and equipment and for general corporate purposes by the Company and its material subsidiary, SOSL (Stanley OEM Sofa Limited).
Bengaluru-based Stanley Lifestyle is one of the few Indian companies operating across different price ranges including super-premium, luxury and ultra-luxury through its multiple brands.
The company operates two manufacturing facilities in Bengaluru.
The stock started trading at Rs 499, indicating a rise of 35.23 per cent on the BSE. Later it increased by 38.21 percent to Rs 510.
It was listed on NSE at Rs 494.95 with a gain of 34.13 percent.
The initial public offering (IPO) of Stanley Lifestyles was subscribed 96.98 times on the last day of subscription on Tuesday.
The initial share sale of Rs 537 crore involved a fresh issue of up to Rs 200 crore and an offer for sale of 91,33,454 equity shares.
The price range in the initial share-sale was Rs 351-369 per share.
The net proceeds of Rs 90.13 crore from the fresh issue will be used by the company to meet expenses for opening new stores, Rs 39.99 crore for opening anchor stores and Rs 10.04 crore for renovation of existing stores.
An amount of Rs 8.18 crore to finance capital expenditure requirements for purchase of new machinery and equipment and for general corporate purposes by the Company and its material subsidiary, SOSL (Stanley OEM Sofa Limited).
Bengaluru-based Stanley Lifestyle is one of the few Indian companies operating across different price ranges including super-premium, luxury and ultra-luxury through its multiple brands.
The company operates two manufacturing facilities in Bengaluru.