Stanley Lifestyles IPO subscribed nearly 5 times on Day 2: Check details

The mainboard initial public offering (IPO) of luxury furniture manufacturer Stanley Lifestyles Ltd. continued to attract strong investor demand on Monday, June 24, the second day of its bidding, getting oversubscribed nearly five times by 4 pm.

Non-institutional investors (NIIs) placed bids for 1.6 crore shares against the 22.2 lakh shares set aside for the category, leading to a subscription of 7.2 times.

Retail investors applied for over 2 crore shares compared to 50.9 lakh shares reserved for the category, translating into an oversubscription of 5.6 times in the category.

However, qualified institutional buyers (QIBs) placed bids for only 19.8 lakh shares compared to the 28.2 lakh shares reserved for the category, aggregating into 0.7 times subscription.

The Stanley Lifestyles IPO was fully subscribed on the first day of the opening of the issue, getting booked 1.44 times by the end of the day.

To know more and invest in Stanley Lifestyles IPO, CLICK HERE

Stanley Lifestyles IPO price band

The Stanley Lifestyles IPO is a 100% book-built issue that aims to raise a total of ₹537.02 crore. The issue is a combination of fresh issuance of 54 lakh shares aggregating to ₹200 crore and an offer-for-sale (OFS) of 91 lakh shares aggregating to ₹337.02 crore.

The price band of the IPO has been fixed at ₹351 to ₹369 per share, with the lot size for retail investors being fixed at 40 shares. This aggregated into a minimum application size of ₹14,760 for retail investors.

Purpose of the Stanley Lifestyles IPO

Stanley Lifestyles said that the money raised through the public issue will be used to open new stores under the formats of Stanley Level Next, Stanley Boutique and Sofas and More by Stanley. It will also be used to open anchor stores and renovate existing stores. A portion of the proceeds will also be used to purchase new machinery and equipment.

Important dates for Stanley Lifestyles IPO

Investors can place bids for Stanley Lifestyles IPO from June 21 to June 25. The share allotment is likely to be finalised by Wednesday, June 26.

Subsequently, refunds will be issued for unsuccessful bidders, and shares will be credited to the demat accounts of successful bidders on Thursday, June 27. The tentative listing date for Stanley Lifestyles shares is Friday, June 28. The shares will be listed on both the National Stock Exchange of India (NSE) and BSE.

About Stanley Lifestyles

Stanley Lifestyles is a Bengaluru-based home-grown luxury brand in the furniture industry.

The company saw its revenue rise 43% in the financial year 2022-23 to ₹425.62 crore against ₹297.76 crore in 2021-22. PAT jumped 51% to ₹35 crore in FY23 compared to ₹23.2 crore in FY22. In the nine months of FY24 ending December 31, 2023, Stanley Lifestyles’ revenue stood at ₹322.3 crore. The company posted a PAT of ₹18.7 crore during the same period.

To know more about IPOs listing, schedule and upcoming IPOs, click here