Market News
2 min read | Updated on August 30, 2024, 10:01 IST
SUMMARY
Baazar Style Retail IPO consists of a fresh issuance of shares worth ₹148 crore and an offer for sale (OFS) component of 1.76 crore shares aggregating ₹687 crore by promoter group firms and other selling shareholders.
Bazaar Style Retail is a value fashion retailer operating primarily in the northeastern states.
Baazar Style Retail IPO opened for subscription on Friday, August 30. The initial public offering, which will conclude on September 3, has a price band of ₹370-₹389 per equity share.
The ₹834.68 crore initial share sale is a mix of a fresh issuance of shares worth ₹148 crore and an offer for sale (OFS) component of 1.76 crore shares aggregating to ₹687 crore by promoter group firms and other selling shareholders.
Rekha Jhunjhunwala, Intensive Finance Pvt Ltd, and Intensive Softshare Pvt Ltd will offload their part stake in the company under the OFS.
On Thursday, the value fashion retailer mobilised ₹250 crore from anchor investors, including Ashoka India Equity Investment Trust Plc, HSBC Global Investment Funds, Volrado Venture Partners Fund IV Gamma, Al Mehwar Commercial Investments LLC, Allianz Global Investors Fund, HDFC Mutual Fund (MF), HSBC MF, Bandhan MF and Bajaj Allianz Life Insurance Company.
The fresh issue proceeds will be used to clear debt and general corporate purposes.
The company raised ₹37 crore from venture capital fund Volrado Ventures Partners Fund II in a pre-IPO placement round earlier this month, reducing the IPO size.
Investors can bid for at least 38 shares and in multiples after that.
Bazaar Style Retail is a value fashion retailer operating primarily in the northeastern states. Its focus markets include Assam, Jharkhand, Bihar, Tripura, Andhra Pradesh, Chhattisgarh and Uttar Pradesh.
The company reported a consolidated revenue of ₹972.8 crore in the financial year 2023-24 and a net profit of ₹31.9 crore.
The IPO's book-running lead managers are Axis Capital, JM Financial and Intensive Fiscal Services.
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