Leading brokerage firms like SBI Securities, Anand Rathi, Sushil Finance, SMIFS Ltd, Reliance Securities, Geojit Financial Services, BP Equities, StoxBox and Arihant Capital have given a thunbs up to the issue.
MUMBAI: The Initial Public Offering of Stanley Lifestyles Limited was fully subscribed today, the first day of bidding, led by strong demand from retail and NII. Overall, the issue was subscribed 1.44 times.
The issue received bids of 1,47,04,520 shares against the offered 1,02,41,507 equity shares, at a price band of ₹351-369, according to the data available on the stock exchanges.
Non-Institutional Investors portion and Retail Portion were subscribed 2.01 times and 1.81 times respectively, whereas Qualified Institutional Buyer segment 0.3 times. The issue will close on Tuesday, June 25, 2024.
The company raised Rs 161.1 crores from anchor investors yesyerday. 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 Midcap Fund, Motilal Oswal MF, Max Life, Birla Life, and Meru Investment fund.
Leading brokerage firms like SBI Securities, Anand Rathi, Sushil Finance, SMIFS Ltd, Reliance Securities, Geojit Financial Services, BP Equities, StoxBox and Arihant Capital have given a “Subscribe” rating to the issue highlighting the company’s impressive financial performance with a high CAGR in revenue and profit between FY21 and FY23.
Axis Capital Limited, ICICI Securities Limited, JM Financial Limited, and SBI Capital Markets Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
The Bengaluru-based company’s product portfolio includes sofas, cabinetry and furniture for living rooms, dining rooms, family rooms, kitchens, bedrooms (including bedding products), and home offices, offering complete home solutions including installations.
Stanley is the fourth largest player in the home furniture segment in India in terms of revenue in Fiscal 2023. It is among the first few Indian companies to venture into the super-premium and luxury furniture segment and one of the few Indian company present across various price points, i.e., super-premium, luxury and ultra-luxury segment, through its various brands
