The grey market premium (GMP) of Stanley Lifestyles has seen a mild correction, after the company finalized the basis of allotment of its IPO shares. However, the listing-bound company has been able to hold its ground in the unofficial market after a stellar bidding from the investors across all categories during the bidding process.
Grey market premium (GMP) of Stanley Lifestyles has seen a correction slightly despite the headline indices scaling new highs. Last heard, the company was commanding a premium of Rs 160-165 per share, suggesting a listing pop of around 45 per cent for the investors. However, it was around Rs 170-175 apiece, when the issue closed for the bidding.
Allotment Status
Stanley Lifestyles was scheduled to finalize the basis of allotment on Wednesday and bidders are getting the messages, alerts or emails for debit of their funds or revocations of their IPO mandate. Those who have not received notifications for the same, can verify their status either through websites of BSE or Kfint Technologies, the registrar for the issue.
Investors, who had bid for the issue of Stanley Lifestyles, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Stanley Lifestyles Ltd in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
IPO details and subscription status
The Stanley Lifestyles offered its shares in the fixed price band of Rs 351-369 apiece with a lot size of 40 shares. The IPO of Bengaluru-based premium furniture maker was open for bidding between June 21 and June 25. It raised a little more than Rs 537.02 crore via its primary offering, which included a fresh share sale of Rs 200 crore and an offer for sale of 91,33,454 shares.
The issue saw robust bidding, especially on the third and last day, which led to an overall subscription of 96.98 times. The quota for qualified institutional bidders (QIBs) was booked 222.10 times, while the quota for non-institutional investors was subscribed a whopping 119.52 times. The portion reserved for retail investors saw bidding for 19.21 times.
Founded in 2007, Stanley Lifestyles designs and manufactures super-premium, luxury and ultra-luxury furniture and sells it through its brand 'Stanley'. Its product range includes categories like seating; wooden cased products; kitchen and cabinet; beds and mattresses; and automotive products.
Brokerage firms are mostly positive on the issue suggesting investors to subscribe to it on the back of a niche business model, high margins, growth potential, clear focus of the management and attractive valuations. However, they see concentration in Southern India, limited product range and fluctuations in the raw material prices as the key risks for the company.
ICICI Securities, Axis Capital, JM Financial and SBI Capital Markets are the book running lead managers of the Stanley IPO, while Kfin Technologies is the registrar for the issue. Shares of the company will be listed on both BSE and NSE, with Friday, June 28 as the tentative date of listing.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.