Luxury furniture and lifestyle brand Stanley Lifestyles has received the go-ahead from the capital markets regulator the Securities and Exchange Board of India to launch an initial public offering which the business plans to use to raise funds to open new stores and renovate its existing ones. 

The business filed its preliminary IPO papers with Sebi and obtained observation letters from the organisation from November 29 to 30, Sebi announced in an update on December 5, the Press Trust of India reported. Obtaining an observation letter from Sebi means that a business can go ahead with its proposed IPO. 
 
Stanley Lifestyles plans to offer a fresh issue of equity shares worth Rs 200 crore as part of its IPO. The business will also include an offer for sale worth Rs 91.33 lakh of equity shares which will be sold by the business’ investors, promoters, and other shareholders, as detailed in Stanley Lifestyles’ Draft Red Herring Prospectus. 

Out of its expected profits from the IPO, Stanley Lifestyles plans to use Rs 90.13 crore to invest in opening new stores, India Retailing reported. The business also pans to use Rs 39.99 crore to open anchor stores and Rs 10.04 crore to renovate its existing stores which it operates in locations including Chennai, Pune, Bengaluru, Coimbatore, Mumbai, and Kochi, according to its website.