Stanley Lifestyles IPO: Issue subscribed 5.22x on Day 2, NIIs ahead so far

Stanley Lifestyle's Rs 537-crore IPO remains open for subscription until June 25.

Stanley Lifestyle's initial public offering (IPO) saw significant demand from retail and non-institutional investors on its second day of bidding on June 24. The Rs 537-crore IPO achieved a subscription rate of 5.22 times, with investors bidding for 5.35 crore equity shares against a total offer size of 1.02 crore equity shares.

Non-institutional investors showed robust interest, subscribing to 8.86 times their allotted quota. Retail investors also demonstrated strong enthusiasm, with subscriptions amounting to over 6.11 times the reserved portion. In contrast, the portion allocated for qualified institutional buyers (QIBs) was subscribed 0.74 times.

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Stanley Lifestyle's IPO, a combination of a fresh issue and an offer for sale, will remain open for subscription until June 25.

Before the public offer opened, Stanley garnered Rs 161.1 crore from 16 anchor investors on June 20. This allocation to anchor investors included 43.66 lakh equity shares priced at Rs 369 per share, which is the upper end of the price band.

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Notable institutional investors participating in the anchor book included SBI Mutual Fund, Nippon Life India, and HDFC Mutual Fund among others.

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The IPO allocation reserved 50 percent for QIBs (including anchor investors), 35 percent for retail investors, and the remaining 15 percent for non-institutional investors. Investors could bid for a minimum of 40 equity shares and in multiples of 40 shares thereafter.

The net proceeds from the fresh issue will be utilized to fund various expenditures, including Rs 90.13 crore for opening new stores, Rs 40 crore for opening anchor stores, and Rs 10 crore for renovating existing stores.

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