Stanley Lifestyles' IPO Sees Stunning 5.22x Subscription

Stanley Lifestyles' initial public offering (IPO) was subscribed 5.22 times by the second day of bidding, with significant interest from non-institutional and retail investors. The luxury furniture brand aims to raise Rs 537 crore through fresh issues and sales. Proceeds will fund new stores, renovations, and capital expenditures.

In a remarkable development, Stanley Lifestyles' Initial Public Offer (IPO) garnered a subscription rate of 5.22 times on its second bidding day.

According to the National Stock Exchange (NSE) data, the luxury furniture brand's Rs 537 crore share sale attracted bids for 5,34,55,000 shares compared to the 1,02,41,507 shares on offer.

The segment for non-institutional investors saw an 8.85 times subscription, while the Retail Individual Investors (RIIs) quota achieved a 6.10 times subscription. Meanwhile, Qualified Institutional Buyers (QIBs) marked a 74 per cent subscription rate.

The IPO comprises a fresh issue of up to Rs 200 crore alongside an offer for sale of up to 91,33,454 equity shares. The initial share sale is scheduled to conclude on Tuesday and is priced between Rs 351-369 per share.

On its first day, the IPO received a 1.43 times subscription. Moreover, Stanley Lifestyles secured over Rs 161 crore from anchor investors last Thursday.

The generated net proceeds from the fresh issue, amounting to Rs 90.13 crore, will finance new store openings. Additionally, Rs 39.99 crore is allocated for establishing anchor stores, Rs 10.04 crore for store renovations, and Rs 8.18 crore will cover capital expenditures for new machinery and equipment, benefiting both the company and its subsidiary, SOSL (Stanley OEM Sofas Ltd).

Lead managers for the offer are Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets. The company's shares will be listed on BSE and NSE.

Based in Bengaluru, Stanley Lifestyles is among the exclusive Indian firms catering to a spectrum of markets, from super-premium to ultra-luxury, through its diverse brand portfolio. The company operates two manufacturing facilities in Bengaluru.

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