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Investors subscribe Stanley Lifestyles IPO 5.22 times offer size on day 2

The portion for non-institutional investors fetched 8.85 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 6.10 times

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Bengaluru-based Stanley Lifestyles is among the few Indian companies operating in various price categories, including super-premium, luxury, and ultra-luxury, through its multiple brands.

Press Trust of India New Delhi

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The initial public offer of luxury furniture brand Stanley Lifestyles received 5.22 times subscription on the second day of bidding on Monday.
The Rs 537 crore initial share sale got bids for 5,34,55,000 shares against 1,02,41,507 shares on offer, as per NSE data.
The portion for non-institutional investors fetched 8.85 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 6.10 times. The category for Qualified Institutional Buyers (QIBs) received 74 per cent subscription.
The Initial Public Offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to 91,33,454 equity shares.
The initial share sale will conclude on Tuesday and has a price range of Rs 351-369 per share.
The IPO of Stanley Lifestyles got subscribed 1.43 times on the first day of subscription on Friday.
 
Stanley Lifestyles on Thursday said it has raised a little over Rs 161 crore from anchor investors.
The net proceeds from the fresh issue to the tune of Rs 90.13 crore will be used by the company towards expenditure for opening new stores, Rs 39.99 crore expenditure for opening the anchor stores and Rs 10.04 crore expenditure for renovation of existing stores.
Funds to the tune of Rs 8.18 crore for funding the capital expenditure requirements for the purchase of new machinery and equipment by the company and its material subsidiary, SOSL (Stanley OEM Sofas Ltd) and for general corporate purposes.
Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the book-running lead managers to the offer.
Bengaluru-based Stanley Lifestyles is among the few Indian companies operating in various price categories, including super-premium, luxury, and ultra-luxury, through its multiple brands.
The company operates two manufacturing facilities in Bengaluru.
The equity shares of the company will be listed on BSE and NSE.

Niva Bupa plans $360 mn offer

Health insurer Niva Bupa is planning to raise $360 million in an initial public offer (IPO), potentially valuing the business at up to $2.5 billion, according to two sources and a document seen by Reuters, the latest firm to cash in on a stock market surge. British United Provident Association (Bupa), which holds a 63 per cent stake, plans to sell a small stake worth up to $38 million and True North is planning a stake sale worth up to $225 million.

(With inputs from Reuters)

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First Published: Jun 24 2024 | 7:34 PM IST

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