Luxury furniture brand Stanley Lifestyles’ shares jumped as much as 38 per cent during their trading debut on Friday. After hitting a high of Rs 509.4, its stock finished at Rs 479, up 30 per cent over its issue price of Rs 369. Shares worth over Rs 1,300 crore changed hands on both the National Stock Exchange (NSE) and the BSE. The good listing day performance follows strong demand for Stanley Lifestyles’ shares during its Rs 537 crore initial public offering (IPO).
The IPO, which had closed on Tuesday, saw 97 times more demand than shares on offer. At the last close, Stanley Lifestyles was valued at nearly Rs 2,730 crore. For the nine months ended December 2023, the company had clocked a net profit of Rs 18.7 crore on revenues of Rs 313 crore. In its IPO note, Anand Rathi said while Stanley Lifestyles’ valuations are “rich”, there is a scope for business improvement on the back of industry tailwinds, brand recall and business scalability.
Stanley Lifestyles is among the few home-grown premium and luxury furniture brands in India. As of December 2023, it operated 38 company-owned stores in the metro cities of Bengaluru, Chennai, New Delhi, Mumbai and Hyderabad. It had another 24 franchisee-owned stores in 21 cities across 11 states.
Source: business-standard.com