Baazar Style Retail Files IPO, Set To Open On August 30: Report

Baazar Style Retail (Style Baazar), the multi-fashion retail chain backed by Rekha Rakesh Jhunjhunwala has filed its draft red herring prospectus with SEBI and is likely to announce its IPO price band by August 27. This is as per a report by Moneycontrol.

The Initial Public Offering reportedly comprises fresh issuance of equity shares worth Rs 148 crore and an offer for sale (OFS) of 1.7 crore equity shares by promoter group entities and other selling shareholders.

Rekha Rakesh Jhunjhunwala will reportedly sell 27.33 lakh equity shares under OFS. Similarly, Intensive Softshare Private Limited and Intensive Finance Private will sell Rs 22.40 lakh shares and Rs 14.87 lakh shares respectively.

The fashion retailer based in Kolkata will launch its anchor book for IPO on August 29, 2024. The issue is open for public subscription from August 30, 2024 to September 3, 2024.

Link Intime India has been appointed as the registrar for the IPO. Axis Capital, Intensive Fiscal Services, and JM Financial will serve as the book-running lead managers for the issue.

It is reported that the net proceedings received from the IPO will be used in the prepayment or repayment of all or a portion of certain outstanding borrowings of the company and general corporate purposes.

Baazar Style Retail is a prominent player in the retail market in West Bengal and Odisha. The company offers quality and affordable apparels and accessories through its chain of value retail stores. They offer garments for a wide range of categories for men, women, boys, girls, and infants. It also sells general merchandise including non-apparels and home furnishing products.

It has 162 stores currently as of March 31, 2024.

The company reportedly registered a total income of Rs 982 crore in FY24, up 23 percent year-on-year (YoY) from Rs 794 crore. Its profit also jumped over four-fold or 320 percent YoY to Rs 21 crore in FY24 from Rs 5 crore in FY23, according to its RHP