The Initial Public Offering of Stanley Lifestyles Limited was fully subscribed on the first day of bidding led by strong demand from retail and NII. Overall the issue was subscribed 1.44 times.
The issue received bids of 1,47,04,520 shares against the offered 1,02,41,507 equity shares, at a price band of ₹351-369, according to the data available on the stock exchanges.
Non-Institutional Investors Portion and Retail Portion were subscribed 2.01 times and 1.81 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.30 times. The issue kicked off for subscription on Friday, June 21, 2024, and will close on Tuesday, June 25, 2024.
A day before the opening of the issue, Stanley Lifestyles Ltd raised Rs 161.10 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were SBI MF, SBI AF, Nippon MF, HDFC MF, East Spring Investment India, Quant MF, SBI Life Insurance, Loomis and Sayles, Optimix Wholesale Global Emerging Markets Emerging Markets Share Trust, Franklin India Opportunities Fund, Bandhan Midcap Fund, Motilal Oswal MF, Max Life, Birla Life, and Meru Investment fund.
Leading brokerage firms like SBI Securities, Anand Rathi, Sushil Finance, SMIFS Ltd, Reliance Securities, Geojit Financial Services, BP Equities, StoxBox and Arihant Capital have given a "Subscribe" rating to the issue highlighting the company's impressive financial performance with a high CAGR in revenue and profit between FY21 and FY23, alongside its strategic plans to expand retail operations using IPO proceeds. However, it has concerns about the high valuation, revenue concentration in South India, and dependency on limited suppliers for raw materials. Despite these risks, the consensus is that SLL is well-positioned to capitalize on industry growth trends, making it a promising long-term investment.
Axis Capital Limited, ICICI Securities Limited, JM Financial Limited, and SBI Capital Markets Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE. |
