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  1. Rekha Jhunjhunwala’s Baazar Style Retail files draft IPO papers with SEBI

Rekha Jhunjhunwala’s Baazar Style Retail files draft IPO papers with SEBI

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2 min read • Updated: March 18, 2024, 5:45 PM

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Summary

Retail fashion firm Baazar Style Retail files draft IPO papers with SEBI to raise funds. The company, which is backed by Rekha Rakesh Jhunjhunwala, plans to offer fresh shares of up to ₹185 crore.

Bazaar style IPO.jpg
Rekha Jhunjhunwala backed fashion retail company Style Bazaar files IPO papers

Kolkata-Based Baazar Style Retail has filed preliminary papers for its initial public offering (IPO). The issue is a mix of newly issued shares of up to ₹185 crore and an offer-of-sale (OFS) of up to ₹1.68 crore by the promoter group and other selling shareholders.

Baazar Style Retail, which is backed by Rekha Rakesh Jhunjhunwala, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on March 15, 2023. It has appointed Axis Capital, Intensive Fiscal Services and JM Financial as book-running lead managers for the IPO.

Rekha Rakesh Jhunjhunwala plans to sell up to 27.2 lakh equity shares, while promoters like Intensive Softshare Private Limited will offload up to 22.40 crore shares, Intensive Finance Private Limited will divest up to 14.87 lakh shares, and Chandurkar Investments will sell up to 13.1 lakh shares in the offer.

The company, which has over 100 stores across India, intends to use the funds to either prepay or repay all or a portion of specific outstanding borrowings of the company. It reported revenue of ₹787.90 crore from operations for the year ended March 31, 2023, as revealed in a regulatory filing.

The company might also conduct a pre-IPO placement for a total offer of ₹37 crore, and in that case the size of the freshly issued shares would be reduced.