Bengaluru-based Stanley Lifestyles and Vadodara-based INOX India have received final observations from the capital markets regulator, the Securities and Exchange Board of India (SEBI), to proceed with fundraisings through initial public offerings (IPOs).
Stanley Lifestyles – Luxury Home Furniture
Stanley Lifestyles IPO comprises a fresh issue of up to INR 200 crore and an offer for sale (OFS) of up to 9.13 million equity shares by the promoter and investor selling shareholders.
As per the DRHP, the proceeds from the fresh issue, amounting to INR 90.13 crore, will be allocated for various purposes, including INR 39.99 crore for opening new stores, INR 10.04 crore for opening anchor stores, INR 10.04 crore for renovating existing stores, and INR 8.18 crore for funding the capital expenditure requirements for the purchase of new machinery and equipment by the company and its material subsidiary, SOSL, along with general corporate purposes.
The company holds the fourth position in terms of revenue in the home furniture segment in India for Fiscal 2022, establishing itself as an early entrant into the super-premium and luxury furniture segments. Stanley Lifestyles is unique in operating across various price categories, including super-premium, luxury, and ultra-luxury, through its multiple brands.
Evolving from a sales-focused model to a design-led operation, the Stanley brand has become a comprehensive provider of home solutions. It is the sole super-premium and luxury Indian brand offering a wide range of home solutions, encompassing sofas, armchairs, kitchen cabinets, beds, mattresses, pillows, and more.
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INOX India – Cryogenic Specialist
Cryogenic tank manufacturer INOX India is also among the companies receiving IPO approval last week. INOX India IPO will be purely an OFS of 22,110,955 shares by existing investors.
The company has over 30 years of experience offering solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions. It has developed a reputed brand, INOXCVA, in the cryogenic equipment industry.
The company’s products include standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects which are used in diverse industries such as industrial gases, liquified natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction.
To its credit, INOX India has achieved consistent revenue and profit growth and also boasts of high return ratios. This is despite the company operating in a mature and B2B oriented industry.
Since these companies have just received approvals, it may be some time before these IPOs hit the market. Nevertheless, India’s primary market is red hot with as many as 11 mainboard listings last month so these could be expedited as well.