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.
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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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