Stanley Lifestyles Limited has released a statement regarding the deviation or variation in the utilization of funds raised through its Initial Public Offering (IPO) for the quarter ended 31st March 2025.
The company confirms that there have been no deviations or variations in the utilization of net proceeds from the IPO as stated in the prospectus dated 25th June 2024.
The IPO had a face value ₹537.024 crore with offer for sale portion and ₹200 crore excluding offer for sale (OFS) portion.
ICRA Limited, the monitoring agency, reported no deviation in the utilization of issuance proceeds, confirming alignment with the issue's objectives.
₹18.915 crore was the gross proceeds including issue related expenses.
The IPO funds are being used for:
Investment in certain Subsidiaries for opening of New Stores by such Subsidiaries under the formats of “Stanley Level Next”, “Stanley Boutique” and “Sofas & More by Stanley ” (New Stores) - ₹90.127 crore
Opening anchor stores (Anchor Stores) by such Subsidiaries - ₹39.990 crore
Renovation of the Existing Stores under the formats of “Stanley Level Next”, “Stanley Boutique” and “Sofas & More by Stanley” (Existing Stores) by such subsidiaries - ₹10.040 crore
Funding the capital expenditure requirements for purchase of new machinery and equipment by Company and its Material Subsidiary, Stanley OEM Sofas Limited - ₹6.659 crore
General corporate purposes - ₹34.269 crore
As of the end of the quarter, ₹71.161 crore has been utilized, with ₹128.839 crore remaining unutilized.
Unutilized funds are deployed in fixed deposits with IndusInd Bank, maturing in July 2025 and July 2026, and in an IPO account, earning interest ranging from 7.70% to 7.75%.
The implementation of the object(s) is on schedule.