Stanley Lifestyles' IPO sees strong demand on first day

Stanley Lifestyles' initial public offering (IPO) opened on Friday, June 21, and received a lot of interest from retail and non-institutional investors.

The IPO is valued at ₹537.02 crore and includes both new shares and shares being sold by current owners.

Before the IPO, the Bengaluru-based luxury furniture company raised over ₹161.10 crore from anchor investors. Stanley Lifestyles is known for its high-end furniture and was the fourth-largest revenue generator in India's home furniture market in FY23.

Stanley Lifestyles is one of the first Indian companies in the luxury furniture segment, offering products across various price ranges from super-premium to ultra-luxury.

The IPO's lead managers are Axis Capital Limited, ICICI Securities Limited, JM Financial, and SBI Capital Markets, with KFin Technologies Limited as the registrar.

The share price for the IPO is set between ₹351-369 per share. The subscription period runs from June 21 to June 25. The IPO reserves 50 per cent of shares for institutional buyers, 15 per cent for non-institutional bidders, and 35 per cent for retail investors.

Share allotment will be finalised on June 26, with trading expected to start on June 28 on the BSE and NSE. On the first day, the IPO was subscribed 1.44 times, with bids for 1,47,04,520 shares against 1,02,41,507 available.

The non-institutional investors (NIIs) segment was subscribed 2.01 times, with bids for 44,81,760 shares against 22,24,719 available.

The retail segment was subscribed 1.81 times, with bids for 93,81,920 shares against 51,91,011 available. The institutional segment was subscribed 0.30 times, with bids for 8,40,840 shares against 28,25,777 available.

After the IPO, the ownership of the promoters will decrease from 67.36 per cent to 56.81 per cent, while the public and employee ownership will increase from 32.64 per cent to 43.19 per cent.