Stanley Lifestyles, a Bengaluru-based furniture maker, secured over ₹161.10 crore from anchor investors ahead of its upcoming initial public offering (IPO). The company allocated 43,66,051 equity shares at ₹369 per share to anchor investors.
Domestic and foreign institutions participated in the anchor allocation, including prominent names like SBI MF, HDFC MF, Nippon MF, and SBI Life Insurance. Out of the total allocation, 61.32% amounting to ₹98.78 crore was allocated to seven domestic mutual funds.
Stanley Lifestyles plans to raise ₹537 crore through its IPO, which includes a fresh issue of shares worth ₹200 crore and an offer-for-sale (OFS) of 91.33 lakh equity shares worth ₹337.02 crore by existing shareholders, including promoters Sunil Suresh and Shubha Sunil.
The price band for the public issue has been fixed at ₹351-369 per share. The IPO subscription will open on June 21 and close on June 25, offering a minimum bid of 40 equity shares and multiples of 40 shares thereafter.
The IPO will be conducted via the Book Building Process, with allocations reserved as follows: up to 50% for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Bidders, and a minimum of 35% for Retail Individual Bidders.
Stanley Lifestyles aims to leverage the funds raised to enhance its business operations and expand its market presence in the furniture manufacturing sector.