Private Equity

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Luxury furniture maker Stanley Lifestyles’ Rs.537-CrIPO subscribed 97x

Economic Times   Mint  

The initial public offering (IPO) of Bengaluru-based luxury furniture maker Stanley Lifestyles was subscribed 96.98 times. The qualified institutional buyer (QIB) portion was subscribed 222.1 times, the non-institutional investor (NII) portion 119.52 times while the retail investor portion was subscribed 19.21 times. The INR 537 crore issue of the was priced at INR 351-369 per share.The offer consisted of a fresh issue of INR 200 crore and an offer for sale of up to 91.3 lakh shares worth INR 337 crore. Selling shareholders include Oman India Joint Investment Fund II (5,544,454 equity shares), Sunil Suresh and Shubha Sunil (1,182,000 equity shares each), Kiran Bhanu Vuppalapat (1,000,000 equity shares), and Sridevi Venkata Vuppalapati (225,000 equity shares).The company aims to use INR 90.1 crore out of the proceeds for new stores, INR 40 crore for opening the anchor stores, INR 10 crore for renovation of the existing stores, INR 6.6 crore for capex and rest for general corporate purposes. Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets were the book-running lead managers for the IPO.

In Sep-18, Stanley Lifestyles had raised USD 24 M from Oman India Joint Investment Fund.