Stanley Lifestyles, sponsored by the private equity Oman India Joint Investment Fund, has submitted preliminary documents to the Securities and Exchange Board of India (SEBI).

An OFS component of 91.33 million shares and a new issue of shares valued at Rs 200 crore make up the IPO.

Oman India Joint Investment Fund II is selling 55.44 million shares through an OFS, while promoters Kiran Bhanu Vuppalapati and Sridevi Venkata Vuppalapati are selling 12.25 million shares, and Sunil Suresh and his wife Shubha Sunil are selling 11.82 million shares.

Currently, Suresh and his wife possess 67.35% of the company's shares, while Oman India Joint Investment Fund II, owned by OIJIF-MC, holds 268.65%. The Oman Investment Authority and the State Bank of India are two of the major sponsors of the Oman Indian Joint Investment Fund Management Company.

Before submitting IPO paperwork with the Registrar of Companies, the home solutions business may contemplate obtaining Rs 40 crore via private placement (pre-IPO placement). If the aforementioned pre-IPO placement is executed, the size of the new issue will be reduced.

The Bengaluru-based firm plans to put the funds from the new issue toward expanding into new locations, updating existing ones, buying new equipment, and other corporate uses.

In terms of sales for the fiscal FY22, Stanley Lifestyles is projected to have a market share of 5.61 percent, making it the leading super-premium and luxury furniture brand in India. Sofas, chairs, armchairs, kitchen cabinets, beds, mattresses, and pillows are all available.

With a net profit increase of 54% year-on-year to Rs 32.9 crore and revenue growth of 43.4 % to Rs 419 crore in the fiscal year ending in March FY23, the solid financial performance of previous years continued. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 40.2% to Rs 82.7 crore during the same time period; however, margin decreased by 50 basis points (bps) to 19.7% due to higher input cost.

Merchant bankers for the offering have been selected as follows: Axis Capital, ICICI Securities, JM Financial, and SBI Capital Markets.

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