Furniture co Stanley eyes RS 537 crore from IPO

MUMBAI: Luxury furniture maker Stanley Lifestyles is looking to raise up to Rs 537 crore through an IPO, which opens on June 21. The shares are being offered in a price band of Rs 351-369 apiece. The issue will close on June 25 while bidding for anchor investors will open on June 20.
The issue comprises fresh issue of shares aggregating Rs 200 crore and over 91 lakh shares through an offer for sale from promoters and existing investors.The proceeds from the fresh issue of shares will be used for renovating and expanding retail outlets and for purchasing new machinery.
Promoters Sunil Suresh and Shubha Sunil will offer 11.8 lakh shares each. In addition, existing investors Oman India Joint Investment Fund II, Kiran Vuppalapati and Sridevi Vuppalapati will sell 55.4 lakh, 10 lakh and 22.5 lakh shares, respectively. In FY23, the company registered revenue from operations of Rs 419 crore up 43% from the previous year while profits rose 50% to Rs 35 crore.