Stanley Lifestyle IPO witnesses strong demand from retail and non-institutional investors on its second day of bidding, achieving a subscription rate of 3.17 times. Investors bid for 3.25 crore equity shares against a total offer size of 1.02 crore equity shares.
Non-institutional investors showed robust interest, subscribing nearly 5 times their allocated quota, while retail investors demonstrated strong enthusiasm, subscribing over 4.1 times the reserved portion. In contrast, the portion reserved for qualified institutional buyers (QIBs) saw a subscription of 0.3 times.
Stanley Lifestyle IPO, comprising a mix of a fresh issue and an offer for sale, will remain open for subscription until June 25.
Ahead of the public offer, Stanley secured Rs 161.1 crore from 16 anchor investors on June 20, issuing 43.66 lakh equity shares at Rs 369 per share, the upper end of the price band.
Notable institutional investors participating in the anchor book included SBI Mutual Fund, Nippon Life India, and HDFC Mutual Fund, among others.
The IPO allocated 50 percent for QIBs (including anchor investors), 35 percent for retail investors, and 15 percent for non-institutional investors. Bidding was open for a minimum of 40 equity shares and in multiples of 40 shares thereafter.
The proceeds from the fresh issue will fund various expenditures, including Rs 90.13 crore for new store openings, Rs 40 crore for anchor store launches, and Rs 10 crore for store renovations.
Disclaimer: It is advisable to consult certified experts before making any investment decisions.
