New Delhi, Luxury furniture brand Stanley Lifestyles on Friday said it plans to raise Rs 537 crore through its initial share sale, which will open for public subscription on June 21.
The initial public offering (IPO), with a price band of Rs 351 to Rs 369 per share, will end on June 25. Bidding for anchor investors will open for one day on June 20.
The IPO comprises issuance of fresh equity shares worth Rs 200 crore and an offer for sale (OFS) component of 91.33 lakh equity shares worth Rs 337 crore at the upper end of the price band by the promoters and other shareholders of the company.
The net proceeds of Rs 90.13 crore from the fresh issue will be used by the company 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).
Half of 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 equity shares and in multiples of 40 equity shares thereafter.
Bengaluru-based Stanley Lifestyle is a luxury furniture brand and is one of the few Indian companies to operate across different price ranges including super-premium, luxury and ultra-luxury through its multiple brands.
The company operates two manufacturing facilities in Bengaluru.For FY23, the company's revenue from operations rose to Rs 419 crore from Rs 292.20 crore a year ago, while net profit rose to Rs 34.98 crore in FY23 from Rs 23.22 crore a year ago.
Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets Ltd are the book running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.
The initial public offering (IPO), with a price band of Rs 351 to Rs 369 per share, will end on June 25. Bidding for anchor investors will open for one day on June 20.
The IPO comprises issuance of fresh equity shares worth Rs 200 crore and an offer for sale (OFS) component of 91.33 lakh equity shares worth Rs 337 crore at the upper end of the price band by the promoters and other shareholders of the company.
The net proceeds of Rs 90.13 crore from the fresh issue will be used by the company 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).
Half of 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 equity shares and in multiples of 40 equity shares thereafter.
Bengaluru-based Stanley Lifestyle is a luxury furniture brand and is one of the few Indian companies to operate across different price ranges including super-premium, luxury and ultra-luxury through its multiple brands.
The company operates two manufacturing facilities in Bengaluru.For FY23, the company's revenue from operations rose to Rs 419 crore from Rs 292.20 crore a year ago, while net profit rose to Rs 34.98 crore in FY23 from Rs 23.22 crore a year ago.
Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets Ltd are the book running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.
