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Rekha Jhunjhunwala-backed Baazar Style Retail may launch IPO next week: All you need to know

Upstox
By Upstox News Desk

2 min read | Updated on August 23, 2024, 10:27 IST

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SUMMARY

Baazar Style Retail (Style Baazar) will use the proceeds from fresh issuance for debt payment and general corporate purposes.

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Baazar Style Retail is among the top players in the value retail market segment in Odisha and West Bengal.

Rekha Jhunjhunwala-backed Baazar Style Retail (Style Baazar) is likely to launch its initial public offering (IPO) in the last week of August or early september, media reports suggested. An official announcement from the company regarding the IPO opening date is awaited.

Earlier this month, Baazar Style Retail mobilised ₹37 crore from Mumbai-based venture capital fund Volrado Ventures Partners Fund II in a pre-IPO round.

With this, the fresh issue size has been reduced to ₹135 crore.

The Kolkata-based company's initial share sale also consists of an offer-for-sale (OFS) component of 1.68 crore equity shares by promoter group entities and other existing shareholders, as per the draft red herring prospectus (DRHP).

Also Read: Premier Energies IPO opens on August 27: Check price band, lot size, business model & more

Under the OFS, Rekha Rakesh Jhunjhunwala will offload 27.23 lakh equity shares, Intensive Softshare Private Ltd will divest 22.40 lakh shares, and Intensive Finance Pvt Ltd will sell 14.87 lakh shares.

Additionally, Subroto Trading & Finance Company Ltd, Chandurkar Investments, Rajnish Gupta, Sabita Agarwal, Madhu Surana, Rekha Kedia, DK Surana HUF and Shakuntala Devi will divest shares in the OFS.

The IPO proceeds will be used to repay debt and for general corporate purposes.

Axis Capital, JM Financial and Intensive Fiscal Services are the book-running lead managers to the issue.

Going by the draft papers, proceeds from fresh issuance will be used for debt payment and for general corporate purposes.

About Baazar Style Retail

Baazar Style Retail is among the top players in the value retail market segment in Odisha and West Bengal. Its other core and focus markets include Uttar Pradesh, Assam, Bihar, Jharkhand, Andhra Pradesh, Chhattisgarh and Tripura.

The company had 153 stores as of December 31, 2023.

In the financial year 2022-23, the company reported a profit of ₹5.10 crore, as against a net loss of ₹8.01 crore in the previous fiscal year. Revenue from operations increased to ₹787.9 crore in FY23, up from ₹551.1 crore in FY22.

To know more about IPO listing, schedule and upcoming IPOs, click here.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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