New Delhi, Jun 28 (PTI) Shares of luxury furniture brand Stanley Lifestyles Ltd listed with a premium of over 38 per cent on Friday, against the issue price of Rs 369.

The stock started the trade at Rs 499, reflecting a jump of 35.23 per cent on the BSE. Later, it soared 38.21 per cent to Rs 510.

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At the NSE, it listed at Rs 494.95, up 34.13 per cent.

The initial public offering (IPO) of Stanley Lifestyles got subscribed 96.98 times on the last day of subscription on Tuesday.

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The Rs 537-crore initial share sale had a fresh issue of up to Rs 200 crore and an offer for sale of up to 91,33,454 equity shares.

The initial share-sale had a price range of Rs 351-369 per share.

The net proceeds from the fresh issue to the tune of Rs 90.13 crore will be used by the company towards expenditure for opening new stores, Rs 39.99 crore expenditure for opening the anchor stores and Rs 10.04 crore expenditure for renovation of existing stores.

Funds to the tune of Rs 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 (Stanley OEM Sofas Ltd) and for general corporate purposes.

Bengaluru-based Stanley Lifestyles is among the few Indian companies operating in various price categories, including super-premium, luxury, and ultra-luxury, through its multiple brands.

The company operates two manufacturing facilities in Bengaluru.

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