Skip to main content

Ahead of IPO, Stanley Lifestyles collects Rs 161 cr from anchor investors

Stanley Lifestyles has decided to allot 43.66 lakh equity shares to 16 funds at Rs 369 a piece

New Delhi: Luxury furniture brand Stanley Lifestyles on Thursday said it has raised a little over Rs 161 crore from anchor investors, a day before its initial share-sale.

Those who have been allotted shares are — SBI Mutual Fund (MF), Nippon India MF, ICICI Prudential MF, HDFC MF, Quant MF, Motilal Oswal MF, Bandhan MF, SBI Life Insurance Company and Max Life Insurance Company, according to a circular uploaded on BSE’s website.

Stanley Lifestyles has decided to allot 43.66 lakh equity shares to 16 funds at Rs 369 a piece, taking the aggregate transaction size to Rs 161.1 crore.

The Rs 537-crore initial public offering (IPO), with a price band of Rs 351 to Rs 369 per share, will open for public subscription on June 21 and conclude on June 25.

The IPO comprises fresh issuance of equity shares worth Rs 200 crore and an offer-for-sale (OFS) component of 91.33 lakh equity shares by the company’s promoters and other shareholders to the tune of Rs 337 crore at the upper-end of the price band.

The net proceeds from the fresh issue to the tune of Rs 90.13 crore will be used by the company towards expenditure for opening new stores, Rs 39.99 crore expenditure for opening the anchor stores and Rs 10.04 crore expenditure for renovation of existing stores.

Funds to the tune of Rs 8.18 crore for funding the capital expenditure requirements for purchase of new machinery and equipment by the company and its material subsidiary, SOSL (Stanley OEM Sofas Ltd) and for general corporate purposes.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35% for retail investors and the remaining 15% for non-institutional investors.

Moreover, investors can bid for a minimum of 40 equity shares and in multiples of 40 equity shares thereafter.

Bengaluru-based Stanley Lifestyles is a luxury furniture brand and it is among the few Indian companies operating in various price categories, including super-premium, luxury, and ultra-luxury, through its multiple brands.

The company operates two manufacturing facilities in Bengaluru.

For FY23, the company’s revenue from operations rose to Rs 419 crore, from Rs 292.20 crore a year ago, while net profit increased to Rs 34.98 crore in FY23, as against Rs 23.22 crore a year back.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets Ltd are the book running lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.

The post Ahead of IPO, Stanley Lifestyles collects Rs 161 cr from anchor investors appeared first on India Retailing.



from India Retailing https://ift.tt/HD97Xs5
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp lea
67 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxiety
Post a Comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio
Post a Comment
Read more