Baazar Style Retail IPO: The mainboard initial public offering (IPO) of fashion retailer Bazaar Style Retail Ltd will open for subscription on Wednesday, August 30, 2024. The Kolkata-headquartered retailer offers apparel for men, women, boys, girls, and infants and general merchandise such as non-apparel and home furnishing products.
The company focuses on providing a family-oriented shopping experience, offering quality products and striving to offer every Indian stylish merchandise at an affordable price. Bazaar Style Retail mainly operates in Odisha and West Bengal but has stores across nine states.
The Rekha Jhunjhunwala-backed IPO is a book-built issue. It comprises a fresh issue of ₹148.00 crore and an offer for sale (OFS) of 1.77 crore shares. Baazar Style Retail IPO price bands have yet to be announced.
The allotment for the Baazar Style Retail IPO is expected to be finalized on Wednesday, September 4, 2024. Shares of Baazar Style Retail will be listed on BSE and NSE with a tentative listing date fixed as Friday, September 6, 2024.
Axis Capital Limited, Intensive Fiscal Services Private Limited and Jm Financial Limited are the book running lead managers of the Baazar Style Retail IPO, while Link Intime India Private Ltd is the registrar for the issue.
Rekha Rakesh Jhunjhunwala plans to sell 27.23 lakh equity shares in the OFS, while Intensive Softshare Private Ltd intends to offload 22.40 lakh shares, and Intensive Finance Pvt Ltd will divest 14.87 lakh shares.
Additional shareholders participating in the OFS include Chandurkar Investments, Subroto Trading & Finance Company Ltd, Rajnish Gupta, Madhu Surana, Sabita Agarwal, Rekha Kedia, Shakuntala Devi, and D K Surana HUF, who will also be offloading their shares.
In August, Baazar Style Retail secured ₹37 crore from Volrado Ventures Partners Fund II in a pre-IPO round. As a result, the company's initial public offering size decreased to ₹148 crore from ₹185 crore.
Not less than 35 per cent of the offer is reserved for retail investors, not more than 50 per cent of the net offer is reserved for qualified institutional buyers (QIBs), and not less than 15 per cent of the offer is reserved for non-institutional investors (NIIs).
The company proposes to utilize the net proceeds towards funding the following objectives:
-Prepayment or repayment of all or a portion of certain outstanding borrowings
-General corporate purposes
Particularly prominent in the value retail space in West Bengal and Odisha, Bazaar Style Retail is well-established in Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh. As of December 31, 2023, the firm ran 153 locations.
Bazaar Style Retail made a profit of ₹5.10 crore in the fiscal year 2023, a considerable improvement over the net loss of ₹8.01 crore in the year prior. Operating revenue for the fiscal year 2023 increased to ₹787.90 crore from ₹551.12 crore the year before.
The company's promoters are Pradeep Kumar Agarwal, Rohit Kedia, Shreyans Surana, Bhagwan Prasad, Rajendra Kumar Gupta, Sabita Agarwal, Rajendra Kumar Gupta (HUF), and Sri Narsingh Infrastructure Private Limited.
