Luxury furniture brand Stanley Lifestyles files draft papers with Sebi for IPO
IPO.
The IPO with a face value of Rs 2 consists of a fresh issue of up to Rs 200 crore and an offer for sale (OFS) of up to 9.13 million by the promoter and other selling shareholders.
Under the OFS, Sunil Suresh and Shubha Sunil plan to offload up to 1.18 million equity shares, and Oman India Joint Investment Fund II plans to sell up to 5.54 million shares. Other selling shareholders include Kiran Bhanu Vuppalapati and Sridevi Venkata Vuppalapati.
In 2018, Oman India Joint Investment Fund had invested in the company, securing a 26% ownership stake.
Subsequently, in 2019, the company secured an additional Rs 100 crore in funding from Oman India Joint Investment Fund II.
According to the DRHP, Oman India Joint Investment Fund holds 13.86 million shares, or 26.86% of the company.
The offer is being made through the book building process, wherein 50% of the offer will be available for allocation to qualified institutional buyers (QIB), 15% for non-institutional investors, and 35% for retail investors.
The company, in consultation with the lead bankers to the issue, may consider a pre-IPO placement of up to Rs 40 crore. If such placement is completed, the fresh issue size will be reduced.
The proceeds from the fresh issue will be used for expenditure for opening new stores, expenditure for renovating existing stores, funding the capital expenditure requirements, and general corporate purposes.
The Bengaluru-based company has over 1,000 designs and 3,000 SKUs and is also one of the few domestically originated high-end and luxury consumer brands in India that have a substantial presence in both manufacturing and retail operations.
