Stanley Lifestyle's IPO sees surging interest from Institutional Buyers

By Team Startupcity  |  Wednesday, 26 June 2024, 08:49 IST

Stanley Lifestyle's IPO sees surging interest from Institutional Buyers
The IPO of Stanley Lifestyle recorded critical interest from qualified institutional buyers on its third and last day of offering on June 25. The 537-crore Initial public offering accomplished a subscription pace of 96.98 times, with financial backers offering for 99.32 crore value shares against an all out offer size of 1.02 crore value shares. With 222.10 times their allotted quota, qualified institutional buyers (QIBs) demonstrated strong interest. 
Retail investors also showed a lot of enthusiasm, with subscriptions that were 19.21 times the amount that was reserved. On the other hand, the portion for non-institutional investors was subscribed to 119.52 times. The IPO of Stanley Lifestyles had a fixed price range of 351-369 per share and was open for subscription from June 21 to June 25. 
The initial public offering (IPO) included both a fresh issue of 200 crores and an offer by existing shareholders to sell up to 9,130,000 shares worth 337 crores. In the OFS portion of the IPO, promoters of Stanley Sunil Suresh and Shubha Sunil each sold 1.18 million shares. 
Financial backer Oman India Joint Investment Fund II will likewise strip 55.45 lakh partakes in the Initial public offering. 16 anchor investors, including SBI Mutual Fund, Nippon Life India, HDFC MF, and Natixis International Funds, contributed 161.1 crore rupees to the company’s funding. 
The remainder of the proceeds will be used for general corporate purposes, with the remaining 90 crore going toward the opening of new stores by subsidiaries, 40 crore toward the opening of anchor stores, 10 crore toward the renovation of existing stores, and 6.6 crore toward funding the capital expenditure requirements for the purchase of new machinery and equipment.

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