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From Metro Showrooms to Market Floors: Stanley's IPO Story Stanley Lifestyles Ltd, based out of Bengaluru and one of the premium luxury furniture brands in India has announced its Initial Public Offering and has started trading on the Bombay Stock Exchange (BSE) on 28 June 2024.

By Prince Kariappa

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Stanley Lifestyles Ltd
Shubha Sunil, Whole Time Director, and Sunil Suresh, Managing Director of Stanley Lifestyles Limited at the gong ceremony held at Bombay Stock Exchange (BSE).

Stanley Lifestyles Ltd, based out of Bengaluru and one of the premium luxury furniture brands in India has announced its Initial Public Offering and has started trading on the Bombay Stock Exchange (BSE) on 28 June 2024.

"It has been a long-awaited moment for us. We were planning this and wanted to shine bright on the market, we had a fantastic listing with 97 times oversubscription," said Sunil Suresh, Managing Director of Stanley Lifestyles Limited.

The India Luxury Furniture Market size is estimated at USD 4.35 billion in 2024, according to a study by Mordor Intelligence. It is expected to reach USD 5.35 billion by 2029, growing at a CAGR of 4.24% during the forecast period of 2024-2029.

Stanley aims to capitalize on the growing Indian premium economy with a very focused approach in the metro cities across the country.

The company has fixed the price band of INR 351-361 per equity share of the face value of INR 2 each for its IPO debut. The INR 537 Crore IPO will consist of a fresh issue and an offer of sale. According to the company, investors can bid for a minimum set of 40 equity shares in multiples of 40 thereafter.

Stanley revealed that it accumulated INR 161.10 Crores from anchor investors such as SBI MF, SBI AF, Nippon MF, ICICI Prudential MF, HDFC MF, Max Life, Wells Capital, Birla Life, and Templeton among several others.

Regarding product range, Stanley has offered a wide range of products across multiple design catalogs, configurations, and SKUs with over 300 colors and fabrics. According to the company, it holds the fourth position when it comes to revenue in the 'Home Furniture' sector in India for FISCAL 2022. The manufacturer also is in a very exclusive club of Indian companies to venture into the premium segment. Stanley also claims that it operates within multiple levels such as super-premium, luxury, and ultra-luxury by a list of its brands.

On asked about the growth so far, Satish mentions that Stanley likes to describe itself as a company with organic and measured growth.

"The idea is to have sustainable growth and we like to grow steadily but strongly. We have created a great brand image by doing things how we do. We want to maintain a very sustainable growth, ideally, 20-25% year on year. That's our target," told Satish in an interaction with Entrepreneur India.

As the years rolled by, however, the brand has transitioned from a sales-focused model to a design-led operation. Stanley operates two manufacturing facilities located in Electronic City and Bommasandra-Jigani Link Road, both in Bengaluru, Karnataka.

Stanley, as of the end of 2023 is operating 38 'company-owned and company-operated' or "COCO" stores spread across all the metropolitans in India. The brand also has 21 'franchisee-owned and franchisee-operated' or "FOFO" stores across 11 other cities in the country.

Sunil believes Stanley's focus on the metro cities is due to the steady growth of the luxury housing market across all the metro cities.

"We do not want to penetrate too much into tier-2 and lower cities because being in the premium and luxury segment, we see a trend where populations from these cities travel to the closest tier-1 cities to do their shopping anyway."

Sunil stays positive about continuing to grow in the metro for the time being, even though there is increased spending across lower-tier cities with the premium housing market expanding into the further depths of the country.

"I tend to think our growth is representative of cluster-wise growth, centered around the larger cities," adds Sunil.

Prince Kariappa

Features Content Writer

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