Bengaluru-based luxury furniture major Stanley Lifestyles has fixed Rs 351-369 as price band for its Rs 537 crore initial public offer opening on June 21.
The issue comprises of a Rs 200 crore fresh share sale and the rest Rs 337 crore at the upper end of the price band, of offer for sale worth 91.33 lakh share, the company told reporters recently.
Promoters Sunil Suresh and Shubha Sunil will offload up to 1,182,000 equity shares each through the OFS. The other selling shareholders are Oman India Joint Investment Fund (5,544,454 shares), Kiran Bhanu Vuppalapat (1,000,000 shares), and Sridevi Venkata Vuppalapati (225,000 equity shares).
Founded in 2007, it is the countryโs largest super-premium and luxury furniture brand and it designs and manufactures super-premium, luxury and ultra-luxury furniture and sells them under brand Stanley. Its product range includes categories like seating, wooden cased products, kitchen and cabinets, beds and mattresses, and automotive products.
It operates 38 company-owned and operated stores in major metros of Bengaluru, Chennai, New Delhi, Mumbai, and Hyderabad, and 24 franchisee-owned and franchise-operated stores in 21 cities across 11 states. It has two manufacturing units in Bengaluru. From the nine months ending December 2023, its net profit stood at Rs 18.7 crore on a revenue of Rs 322.3 crore, the same for the fiscal 2023 were Rs 35 crore and Rs 425.62 crore.
Proceeds from the new issue will be used to open more stores and buy new machinery and equipment, it said, adding that between 2025 and 2027, it plans to open 24 new stores in Delhi, Tamil Nadu, Telangana, and Maharashtra via its subsidiaries ABS Seating, Sana Lifestyles, Stanley Retail, Shrasta Dรฉcor, and Staras Seating.
Source: newindianexpress.com