Stanley Lifestyles IPO opens on June 21, check price band, GMP and other details
initial public offering (IPO) will open on Friday, June 21, with a price band of Rs 351-369 per share and the lot size will be 40 equity shares.
The company intends to raise Rs 537 crore from the offering and aims to be listed on the NSE and BSE platforms. The fixed-price IPO will comprise a fresh issue aggregating up to Rs 200 crore along with an offer for sale (OFS) of 91.34 lakh equity shares by the existing shareholders with a face value of Rs 2.
Sunil Suresh, Shubha Suresh, Oman India Joint Investment Fund II, Kiran Bhanu Vuppalapati and Sridevi Venkata Vuppalapati are the shareholders selling their stake as part of the OFS.
According to the RHP document, the company proposes to utilize the net proceeds from the IPO to fund its expenditure for opening new stores, anchor stores, renovation of existing stores, funding capital expenditure requirements for purchase of new machinery and equipment by the company and its subsidiary and for general corporate purposes.
The company has reserved up to 50% of the shares for QIB (qualified institutional buyers) while the non-institutional portion will not be less than 15%. The remaining 35% has been kept aside for retail investors.
Axis Capital, ICICI Securities, JM FInancial and SBI Capital Markets are the book running lead managers, and Kfin Technologies Limited is the registrar for the issue.
The shares of Stanley Lifestyles are trading at a premium (GMP) of in the gray market as of today.
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