Stanley Lifestyles lists at 34% premium
Shares of Stanley Lifestyles listed at ₹494.95, a premium of 34.13% over its issue price of ₹369, on Friday. The stock recorded a high of ₹509.4 and closed at ₹479.
The IPO consisted of a fresh issue of ₹200 crore and an offer for sale of 91.3 lakh shares aggregating to ₹337 crore on the upper price band. The offer was subscribed 96.98 times on its final day of bidding on June 25.
The retail investor category was subscribed 19.21 times while the qualified institutional investors category was subscribed 222.1 times. The non -institutional investor, or high-net-worth investor, category was subscribed 119.52 times.
Ahead of the IPO, Stanley Lifestyles raised ₹161.10 crore from anchor investors, including SBI Mutual Fund, Nippon MF, Quant MF and Franklin India Opportunities Fund. The company offered 43.6 lakh shares at ₹369 each to 16 anchor investors.
Stanley Lifestyles is a super-premium and luxury furniture brand which operated 38 'company-owned and company-operated' stores in Bengaluru, Chennai, New Delhi, Mumbai, and Hyderabad. The company also had 21 'franchisee-owned and 'franchise-operated' stores in 11 cities as of last year.
The book running lead managers to the issue were Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets.
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