Furniture company Stanley Lifestyles’ IPO will open on June 21

MUMBAI: Bengaluru-based Stanley Lifestyles’ Rs 537-crore initial public offering (IPO) will open for subscription on June 21. The company has fixed a price band of Rs 351-369 per share for the share sale, which will close on June 25. Investors can subscribe for a minimum of 40 equity shares and multiples thereafter.

The offer consists of a fresh issue of ₹200 crore and an offer for sale of 9,130,000 shares worth ₹337 crore by existing shareholders. Stanley promoters Sunil Suresh and Shubha Sunil will sell 1.18 million shares in the OFS portion of the IPO. Investor Oman India Joint Investment Fund II will also sell 5,545,000 shares in the IPO.

Super premium and luxury furniture brand Stanley Lifestyles aims to use ₹90.1 crore of the proceeds for opening new stores by its subsidiaries, ₹40 crore for opening anchor stores, ₹10 crore for renovating existing stores, ₹6.6 crore for funding capital expenditure requirements for purchase of new machinery and equipment and the balance for general corporate purposes.

As of December 31, 2023, the company operated 38 ‘company-owned and company-operated’ (stores) in cities such as Bengaluru, Chennai, New Delhi, Mumbai and Hyderabad. In addition, there were also 21 ‘franchisee-owned and franchisee-operated’ stores in 11 cities across nine states and union territories across the country.