Shares of Stanley Lifestyles had a strong debut on Dalal Street on Friday, listing at Rs 499 per share on the Bombay Stock Exchange, marking a 35.23% premium over its issue price of Rs 369. On the National Stock Exchange, the stock was listed at Rs 494.95, reflecting a 34.13% premium.
Despite the strong listing, the actual debut fell short of expectations, as the grey market had predicted a 45-48% premium with shares commanding a grey market premium (GMP) of Rs 170-175 per share.
Stanley Lifestyles offered its shares within a fixed price band of Rs 351-369, with a lot size of 40 shares.
The IPO was open from June 21 to June 25, raising over Rs 537 crore. This included a fresh share sale of Rs 200 crore and an offer for sale of 91,33,454 shares.
The IPO saw strong demand, especially on the final day, with an overall subscription of 96.98 times.
The quota for qualified institutional bidders (QIBs) was subscribed 222.10 times, while non-institutional investors’ quota saw 119.52 times subscription. Retail investors’ portion was subscribed 19.21 times.
Founded in 2007, Stanley Lifestyles designs and manufactures super-premium, luxury, and ultra-luxury furniture under its brand ‘Stanley’. Its product range includes seating, wooden cased products, kitchen and cabinet furniture, beds and mattresses, and automotive products.
Brokerage firms are largely positive about the issue, recommending investors to subscribe. ICICI Securities, Axis Capital, JM Financial, and SBI Capital Markets acted as the book running lead managers for the IPO, with Kfin Technologies serving as the registrar.