SL
Stanley Lifestyles Limited
Grey Market Premium
+₹45
+11.6% est. return
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| Anchor Investors | 20,60,258 | 20,60,258 | 1.00× |
|
| QIB | 13,73,506 | 1,27,46,298 | 9.28× |
|
| NII (HNI) | 10,30,129 | 1,41,85,716 | 13.77× |
|
| RII (Retail) | 24,03,635 | 1,97,38,962 | 8.21× |
|
| Total | 48,07,270 | 4,66,70,976 | 9.71× |
|
About Stanley Lifestyles
Stanley Lifestyles Limited is a premium luxury furniture and lifestyle brand headquartered in Bengaluru, Karnataka. Founded in 1991, the company has built a strong reputation for crafting high-quality sofas, recliners, and living room furniture that cater to the affluent Indian consumer seeking European-inspired aesthetics combined with Indian craftsmanship.
The company operates through a network of exclusive brand outlets (EBOs) and large-format flagship stores across major Indian cities including Bengaluru, Mumbai, Delhi NCR, Chennai, Hyderabad, and Pune. Stanley Lifestyles follows an asset-light franchising model for store expansion while maintaining direct control over manufacturing and quality standards.
With the growing aspirational middle class and increasing demand for premium home furnishings in India, Stanley Lifestyles is well-positioned to capitalize on the structural shift in consumer preferences. The IPO proceeds will primarily fund new store expansion into tier-2 cities and strengthen the brand's digital and e-commerce presence.
Products & Brands
Stanley
Premium Sofas & Recliners
Stanley Boutique
Luxury Lifestyle Furniture
Stanley Sofas
Entry-Level Premium Range
Financial Performance
| Particulars (₹ Cr) | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 186.2 | 248.9 | 348.6 |
| EBITDA | 28.4 | 42.1 | 68.3 |
| EBITDA Margin (%) | 15.2% | 16.9% | 19.6% |
| Depreciation & Amortization | 6.8 | 9.2 | 12.4 |
| EBIT | 21.6 | 32.9 | 55.9 |
| Finance Costs | 4.2 | 5.6 | 7.8 |
| PBT | 17.4 | 27.3 | 48.1 |
| Tax Expense | 2.8 | 3.1 | 6.4 |
| PAT (Net Profit) | 14.6 | 24.2 | 41.7 |
| EPS (₹) | 3.8 | 6.3 | 10.8 |
| Particulars (₹ Cr) | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Total Assets | 142.3 | 198.7 | 287.4 |
| Fixed Assets (Net) | 48.6 | 64.2 | 82.9 |
| Current Assets | 93.7 | 134.5 | 204.5 |
| Total Liabilities | 68.4 | 89.2 | 121.6 |
| Long-Term Borrowings | 28.2 | 34.6 | 42.8 |
| Current Liabilities | 40.2 | 54.6 | 78.8 |
| Equity Share Capital | 7.7 | 7.7 | 7.7 |
| Reserves & Surplus | 66.2 | 101.8 | 158.1 |
| Net Worth / Equity | 73.9 | 109.5 | 165.8 |
| Particulars (₹ Cr) | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Cash Flow from Operations | 22.4 | 36.8 | 58.9 |
| Cash Flow from Investing | (18.6) | (28.4) | (42.1) |
| Capital Expenditure | (14.2) | (22.8) | (36.4) |
| Cash Flow from Financing | 8.2 | (4.6) | (10.8) |
| Proceeds from Borrowings | 14.8 | 8.2 | 6.4 |
| Repayment of Borrowings | (6.6) | (12.8) | (17.2) |
| Net Change in Cash | 12.0 | 3.8 | 6.0 |
| Opening Cash Balance | 8.4 | 20.4 | 24.2 |
| Closing Cash Balance | 20.4 | 24.2 | 30.2 |
Objectives of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:
-
1
Capital Expenditure for New Stores (₹120 Cr): Opening 14 new Stanley and Stanley Boutique format stores across India, including tier-2 cities such as Lucknow, Jaipur, Surat, Kochi, and Chandigarh over the next 24 months.
-
2
Working Capital Requirements (₹50 Cr): Funding day-to-day operational requirements including inventory procurement, vendor payments, and receivables management to support the increased scale of operations.
-
3
General Corporate Purposes (₹30 Cr): Including brand building, technology upgrades (ERP and e-commerce platform), marketing initiatives, and other strategic purposes as determined by the Board of Directors.
Peers Comparison
| Company | CMP (₹) | Mkt Cap (Cr) | Revenue (Cr) | EPS (₹) | P/E | ROE (%) | ROCE (%) |
|---|---|---|---|---|---|---|---|
| Stanley Lifestyles IPO | 389 | 1,502 | 348.6 | 10.8 | 36.0x | 25.2% | 28.6% |
| Nilkamal Ltd | 2,248 | 3,361 | 3,642 | 86.4 | 26.0x | 14.8% | 18.2% |
| Durian Industries | 128 | 642 | 488 | 6.2 | 20.6x | 12.4% | 15.8% |
| Greenpanel Industries | 312 | 3,724 | 1,128 | 18.4 | 16.9x | 22.6% | 26.4% |
| Century Plyboards | 694 | 15,438 | 3,512 | 24.2 | 28.7x | 19.8% | 23.4% |
Risk Factors
A significant portion of our revenue is derived from stores in Bengaluru and Southern India. As of March 31, 2024, approximately 58% of our total revenue came from stores located in Karnataka and Tamil Nadu. Any adverse economic conditions, natural calamities, regulatory changes, or other disruptions specific to these regions could materially impact our business operations and financial results. Our expansion plans into other geographies may face execution risks and higher-than-anticipated costs.
The premium furniture and lifestyle market in India is highly competitive. We face competition from established international brands such as IKEA, Ashley Furniture, and La-Z-Boy, as well as domestic players including Durian, Godrej Interio, and various regional brands. Some competitors have significantly larger financial resources, broader product portfolios, and more established distribution networks. Increased competition could result in pricing pressure, reduced market share, and lower margins for our products.
Our success depends significantly on the continued service of our Promoters and senior management team, particularly our Managing Director Sunil Suresh, who has been instrumental in building the Stanley brand over three decades. The loss of any key personnel could adversely affect our business operations, customer relationships, and strategic direction. We may not be able to find suitable replacements in a timely manner, and any transition could disrupt our operations and financial performance.
Our manufacturing operations are dependent on key raw materials including premium leather, high-grade foam, hardwood, and steel frames, a significant portion of which are imported. Fluctuations in global commodity prices, foreign exchange rates, import duties, and supply chain disruptions can materially impact our cost of goods sold. The COVID-19 pandemic demonstrated the vulnerability of global supply chains, and similar future disruptions could lead to production delays, increased costs, and inability to fulfill customer orders on time.
SWOT Analysis
● Strengths
- Strong brand recognition with 30+ years of heritage in premium segment
- Premium positioning enabling superior pricing power and margins
- Experienced management team with deep industry knowledge
- Asset-light franchising model with scalable store expansion
- Robust after-sales service network enhancing customer loyalty
● Weaknesses
- Heavy geographic concentration in Bengaluru and South India
- High customer acquisition cost in premium luxury segment
- Limited product diversification beyond sofas and recliners
- Relatively small scale compared to pan-India furniture players
● Opportunities
- Rising aspirational middle class driving premium home furnishing demand
- Significant expansion opportunity in tier-2 and tier-3 cities
- Growing e-commerce and digital sales channel penetration
- Export potential to GCC and ASEAN markets
● Threats
- Growing competition from imported Chinese and European brands
- Economic slowdown impact on discretionary consumer spending
- Raw material (leather, foam) price volatility and supply disruptions
- Changing consumer preferences towards modular and smart furniture
Promoters & Key Management
SS
Sunil Suresh
Managing Director & Promoter
Pre-Issue
35.2%
Post-Issue
32.8%
SH
Shobha Sunil
Whole-Time Director & Promoter
Pre-Issue
24.8%
Post-Issue
23.1%
Shareholding Pattern
Pre-Issue Shareholding
Promoters & Group
60.0%
Public & Institutions
28.0%
Others
12.0%
Post-Issue Shareholding
Promoters & Group
55.9%
Public & Institutions
32.0%
Others
12.1%
Company Details
CINU36100KA2007PLC044522
IncorporatedFebruary 14, 2007
Registered AddressNo. 12, Industrial Area, Jigani, Bengaluru – 560105, Karnataka
Websitewww.stanley.in
Emailinvestors@stanley.in
Phone+91-80-2782-4400
Statutory AuditorS.R. Batliboi & Associates LLP
Registrar to IssueLink Intime India Pvt Ltd
Book Running Lead Managers
IIFL Securities Ltd
Investment Banking Division
Anand Rathi Advisors
Capital Markets Advisory
Equirus Capital Pvt Ltd
Equity Capital Markets
IPO Documents
Registrar to the Issue
Link Intime India Pvt Ltd
C-101, 247 Park, L.B.S. Marg,
Vikhroli (West), Mumbai – 400083
Phone: +91-22-4918-6270
Email: stanleyipo@linkintime.co.in
Website: www.linkintime.co.in
SEBI Reg. No.
INR000004058
IPO Details
Issue Size₹537 Cr
Fresh Issue₹200 Cr
OFS₹337 Cr
Face Value₹2 per share
Price Band₹369 – ₹389
Lot Size38 shares
Open DateJun 21, 2024
Close DateJun 25, 2024
AllotmentJun 26, 2024
Listing DateJun 28, 2024
ExchangeBSE & NSE
Issue TypeBook Built
Min Investment₹14,782
Max (14 lots)₹2,06,948
Apply via your UPI or net banking linked demat account
IPO Timeline
Jun 21, 2024
✓
IPO Opens
Jun 25, 2024
✓
IPO Closes
Jun 26, 2024
●
Allotment
Jun 27, 2024
4
Refund
Jun 28, 2024
5
Listing