Stanley Lifestyles IPO listing: Shares make strong debut, list at 34% premium

Shares of luxury furniture brand Stanley Lifestyles made a strong debut on stock exchanges on Friday, June 28, 2024. The stock listed at a premium of 34.1% on the NSE. It gained 35.2% on the BSE.

The IPO was subscribed 96.98 times during the bidding period from June 21 to June 25. As per the NSE data, it received bids for 99.32 crore shares against 1 crore shares on offer.

The part set aside for qualified institutional buyers (QIBs) received 222.10 times the subscription, while the portion for non-institutional investors (NIIs) fetched 119.52 times bids. The retail individual investors (RIIs) quota got 19.21 times the subscription.

The IPO was a mix a fresh issuance of shares up to ₹200 crore and an offer for sale (OFS) component of up to 91,33,454 equity shares.

The offer had set a price band of ₹351 to ₹369 per equity share.

The company had raised around ₹161 crore from anchor investors before the IPO.

The proceeds from the IPO will be used for opening new stores and anchor stores, renovating existing stores, purchasing new machinery and equipment, and general corporate purposes.

About Stanley Lifestyles

Bengaluru-based Stanley Lifestyles is among the largest players in the home furniture segment in India. It sells products in various price categories, including super-premium, luxury, and ultra-luxury.

As of December 31, 2023, the company operates 38 COCO (company-owned and company-operated) stores and 24 FOFO (franchisee-owned and franchise-operated) stores.

Between the financial year 2020-21 and FY23, the company saw a compound annual growth rate (CAGR) rise of 28% in revenue and 163% in net profit. India's home and furniture market is projected to grow at a rate of 27% to reach $49 billion by fiscal year 2026-27, which could benefit the company.