Qualified institutional buyers (QIBs) showed strong interest, subscribing 222.10 times their allotted quota. Retail investors also showed strong enthusiasm, with the reserved portion being subscribed 19.21 times. In contrast, the portion for non-institutional investors was subscribed 119.52 times.
The Stanley Lifestyles IPO, which was open for subscription from June 21 to June 25, had a fixed price band of Rs 351-369 per share.
The IPO consisted of a fresh issue of ₹200 crore and an offer for sale of 9,130,000 shares worth ₹337 crore by existing shareholders.
Stanley promoters Sunil Suresh and Shubha Sunil sold 1.18 million shares in the OFS portion of the IPO. Investor Oman India Joint Investment Fund II will also sell 55.45 lakh shares in the IPO.
The company had raised Rs 161.1 crore from 16 anchor investors including SBI Mutual Fund, Nippon Life India, HDFC MF, Natixis International Funds.
The company will use ₹90 crore of the proceeds for opening new stores by its subsidiaries, ₹40 crore for opening flagship stores, ₹10 crore for renovating existing stores, ₹6.6 crore for funding capital expenditure requirements for purchase of new machinery and equipment and the rest for general corporate purposes.
Stanley Lifestyles is a super-premium and luxury furniture brand in India and one of the few homegrown superpremium and luxury consumer brands in India operating at a large scale in terms of manufacturing as well as retail operations.
The company's revenue grew by 42.94% and profit after tax (PAT) grew by 50.64% between the financial year ending March 31, 2023 to March 31, 2022.