Furniture firm Stanley Lifestyles' IPO opens June 21
IPO) of Bengaluru-based Stanley Lifestyles will open for subscription on June 21. The company has set a price band of ₹351-369 apiece for the share sale, which closes on June 25. Investors can subscribe for a minimum of 40 equity shares and multiples thereafter.
The offer consists of a fresh issue of ₹200 crore and an offer for sale of up to 9,130,000 shares worth ₹337 crore by existing shareholders. Sunil Suresh and Shubha Sunil, promoters of Stanley, will sell 1.18 million shares each in the OFS portion of the IPO. Investor Oman India Joint Investment Fund II will also divest 5,545,000 shares in the IPO.
Stanley Lifestyles, a super premium and luxury furniture brand, aims to use ₹90.1 crore out of the proceeds for the opening of new stores by their subsidiaries, ₹40 crore for opening the anchor stores, ₹10 crore for renovation of the existing stores, ₹6.6 crore for funding the capital expenditure requirements for purchase of new machinery and equipment and rest for general corporate purposes.
As of December 31, 2023, the company operated 38 'company-owned and company-operated' (stores) across cities such as Bengaluru, Chennai, New Delhi, Mumbai, and Hyderabad. It also had 21 'franchisee-owned and franchisee-operated' stores in 11 cities across nine states and union territories across the country.
