Stanley Lifestyles IPO Sees Remarkable 96.98 Times Subscription on Final Day

Luxury furniture brand Stanley Lifestyles' IPO was subscribed 96.98 times on its final subscription day. The Rs 537-crore share-sale saw high demand from QIBs and retail investors. The funds will be used for expansion and store renovations. Axis Capital, ICICI Securities, JM Financial, and SBI Capital Markets are leading the offer.

The initial public offering (IPO) of luxury furniture brand Stanley Lifestyles saw overwhelming demand, being subscribed 96.98 times on the final day.

According to NSE data, the Rs 537-crore share-sale attracted bids for 99,32,30,160 shares against its 1,02,41,507 shares on offer. Qualified institutional buyers (QIBs) led the charge with subscriptions hitting 222.10 times, while non-institutional investors' quota was subscribed 119.52 times. Retail individual investors (RIIs) also showed considerable interest with 19.21-times subscription.

The IPO includes a fresh issue of Rs 200 crore and an offer for sale worth 91,33,454 equity shares, priced between Rs 351-369 per share. Notably, on the first day of subscription, the IPO was subscribed 1.43 times.

Prior to the IPO, Stanley Lifestyles raised Rs 161 crore from anchor investors. Major part of the net proceeds, Rs 90.13 crore, will be allocated for opening new stores, and Rs 39.99 crore for anchor stores. Additionally, funds of Rs 10.04 crore will go towards renovating existing stores, and Rs 8.18 crore will be used to purchase new machinery and equipment for the company and its subsidiary, SOSL (Stanley OEM Sofas Ltd).

Axis Capital, ICICI Securities, JM Financial, and SBI Capital Markets are the book-running lead managers. Based in Bengaluru, Stanley Lifestyles is a prominent player in the luxury furniture market, operating across super-premium to ultra-luxury price ranges from its two manufacturing facilities. The equity shares will be listed on the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)