Bengaluru-based Stanley Lifestyles gets SEBI nod for IPO | Mint
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Business News/ Markets / Stock Markets/  Bengaluru-based Stanley Lifestyles gets SEBI nod for IPO
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Bengaluru-based Stanley Lifestyles gets SEBI nod for IPO

The IPO, with a face value of ₹2, consists of a fresh issue of up to ₹200 crore and an offer for sale (OFS) of up to 9.13 million equity shares by the promoter and investor selling shareholders.

Stanley Lifestyles has received final approval from sebi for IPOPremium
Stanley Lifestyles has received final approval from sebi for IPO

Bengaluru-based Stanley Lifestyles has received final approval from markets regulator Securities and Exchange Board of India (SEBI) to raise funds through initial public offering (IPO).

Luxury sofa and home decor company had filed draft papers in September this year to raise 200 crore.

The IPO, with a face value of 2, consists of a fresh issue of up to 200 crore and an offer for sale (OFS) of up to 9.13 million equity shares by the promoter and investor selling shareholders.

As per the DRHP, the proceeds from the fresh issue to the tune of 90.13 crore will be used for expenditure for opening the new stores, 39.99 crore expenditure for opening the anchor stores, 10.04 crore expenditure for renovation of the existing stores, and 8.18 crore for funding the capital expenditure requirements for the purchase of new machinery and equipment by the company and its material subsidiary, SOSL, and general corporate purposes.

Axis Capital Limited, ICICI Securities Limited, JM Financial Limited, and SBI Capital Markets Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

The sofa maker said that founders Shubha Sunil and Sunil Suresh plan to sell up to 1.18 million shares in the OFS, while Oman India Joint Investment Fund II plans to offer up to 5.54 million shares.

Shareholders Kiran Bhanu Vuppalapati and Sridevi Venkata Vuppalapati will sell up to 1 million shares and 225,000 equity shares, respectively, according to the release.

As per the details outlined in the DRHP, the ownership distribution in Stanley reveals that each of the two promoters holds a 33.68% stake, while the Oman India Joint Investment Fund possesses a 26.86% share. Kiran Bhanu and Sridevi Venkata maintain ownership stakes of 3.77% and 0.61%, respectively.

Notably, in 2018, the Oman India Joint Investment Fund acquired a 26% stake in Stanley. Subsequently, in 2019, the company secured an additional infusion of 100 crore from the same fund.

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Published: 05 Dec 2023, 07:41 PM IST
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