Stanley Lifestyles get nod for IPOs

New Delhi: Cryogenic tank maker Inox India and luxury furniture brand Stanley Lifestyles have received capital markets regulator Sebi’s go ahead to raise funds through initial public offerings (IPOs). The two companies, which filed their preliminary IPO papers with the capital markets regulator in August and September, obtained observation letters from the watchdog during November 29-30, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi’s parlance, obtaining its observation letter means its go ahead to launch the IPO. Going by the draft papers, Inox India’s IPO is entirely an Offer For Sale (OFS) of up to 2.21 crore shares by its existing shareholders and promoters.