The country’s largest super-premium and luxury furniture brand opens IPO on June 21.
MUMBAI, June 20 (The CONNECT) – Bengaluru based Stanley Lifestyles Limited, the country’s largest super-premium and luxury furniture brand, has garnered Rs. 161.1 crores from anchor investors ahead of its initial public offering that opens for public subscription tomorrow. The company informed the bourses that it allocated 43,66,051 equity shares at Rs. 369 per share toda, to anchor investors.
Foreign and domestic institutions who participated in the anchor were SBI MF, SBI AF, Nippon MF, HDFC MF, East Spring Investment India, Quant MF, SBI Life Insurance, Loomis and Sayles, Optimix Wholesale Global Emerging Markets Emerging Markets Share Trust, Franklin India Opportunities Fund, Bandhan MF, Motilal Oswal MF, Max Life, Aditya Birla SunLife Insurance, and Meru Investment fund.
Out of the total allocation of 43,66,051 equity shares to the anchor investors 26,77,080 equity shares were allocated to 7 domestic mutual funds through a total of 8 schemes amounting to Rs. 98.78 crore (approx.) i.e. 61.32 % of the Total Anchor Book Size.
Axis Capital Limited, ICICI Securities Limited, JM Financial Limited, and SBI Capital Markets Limited are the book-running lead managers. The Company’s equity shares are proposed to be listed on the BSE and NSE.
IPO Details: The Offer with a face value of ₹2 per Equity Share consists of a fresh issue of Rs 200 crore and an offer for sale up to 9,133,454 equity shares by promoters and other shareholders, The issue, with a price band of Rs 351 – Rs 369 apiece, will close on Tuesday, June 25, 2024. Investors can bid for a minimum of 40 equity shares and in multiples of 40 equity shares thereafter.
The IPO will fetch Rs 537.02 crore at the upper end of the price band.
The Offer is being made through the Book Building Process, wherein 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, 15% to Non-Institutional Bidders and 35% of the Offer shall be available for allocation to Retail Individual Bidders.
Stanley holds the fourth position in terms of revenue in the home furniture segment in India for Fiscal 2022 and stands out as one of the early Indian companies to venture into the super-premium and luxury furniture segment, and it is among the few Indian companies operating in various price categories, including super-premium, luxury, and ultra-luxury, through its multiple brands.
Over the years, the brand has evolved from a sales-focused model to a design-led operation and has become a comprehensive provider of home solutions. It stands as the only super-premium and luxury Indian brand offering a wide range of home solution offerings, including sofas, armchairs, kitchen cabinets, beds, mattresses, and pillows, among others.
The company operates two manufacturing facilities located in Electronic City and Bommasandra Jigani Link Road, Bengaluru, Karnataka. Its in-house manufacturing expertise coupled with its retailing model differentiates it’s from its Indian and Foreign Peers
As of December 31, 2023, it operated 38 ‘company-owned and company-operated’ or “COCO” stores, all located in major metro-cities such as Bengaluru, Chennai, New Delhi, Mumbai, and Hyderabad. Additionally, it has 21 ‘franchisee-owned and franchisee-operated’ or “FOFO” stores in 11 cities across nine states and union territories in India.
