Mumbai: The ₹537 crore initial public offering (IPO) of Bengaluru-based Stanley Lifestyles will open for subscription on June 21 and close on June 25. The company has set a price range of ₹351-369 per share. Investors can buy a minimum of 40 shares and then in multiples of 40.
IPO Details
The IPO includes a fresh issue of ₹200 crore and an offer for sale (OFS) of up to 9,130,000 shares worth ₹337 crore by existing shareholders. Stanley’s promoters, Sunil Suresh and Shubha Sunil, will each sell 1.18 million shares. Additionally, Oman India Joint Investment Fund II will sell 5,545,000 shares.
Use of Proceeds
Stanley Lifestyles, a luxury furniture brand, plans to use ₹90.1 crore from the IPO proceeds to open new stores through its subsidiaries, ₹40 crore for new anchor stores, ₹10 crore for renovating existing stores, and ₹6.6 crore for buying new machinery and equipment. The remaining funds will be used for general corporate purposes.
Current Operations
As of December 31, 2023, Stanley Lifestyles operated 38 company-owned and company-operated stores in cities like 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.
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