Stanley Lifestyles Ltd. has set the price band for its initial public offering at Rs 351 to 369 per share. The luxury furniture manufacturer's Rs 537 crore maiden share sale consists of a fresh issue of Rs 200 crore equity shares and an offer for sale of up to 91.33 lakh equity shares.
The market value at the upper end of the price band is Rs 2,103.9 crore.
The issue opens for subscription on June 21 and closes on June 25. The anchor portion of the offer will open on June 20.
The minimum lot size for bidding will be 40 shares, with further bids to be made in multiples, according to the price band advertisement released by the company on Friday.
Axis Capital Ltd., ICICI Securities Ltd., JM Financial Ltd., and SBI Capital Markets Ltd. will be the book-running lead managers for the issue.
Business
The Bengaluru-based company, with two manufacturing facilities in the city, is among the few home-grown luxury consumer brands in the country operating at scale in terms of manufacturing as well as retail operations.
The company will use Rs 90.13 crore of net proceeds from the fresh issue to open new stores, Rs 39.99 crore to open anchor stores, and Rs 10.04 crore to renovate existing stores.
In terms of revenue, the luxury furniture brand has a 5.61% market share.
For fiscal 2023, 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, against Rs 23.22 crore a year ago.
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