As reported exclusively by Moneycontrol.com, Baazar Style Retail, a Kolkata-based value fashion retailer, is set to launch its initial public offering (IPO) this week, according to sources familiar with the matter.
The company, which operates under the brand name Style Baazar, filed its draft red herring prospectus (DRHP) in March. The IPO structure includes:
- A fresh issue of equity shares worth ₹185 crore
- An offer for sale (OFS) of up to 1.68 crore shares by promoter group entities and other shareholders
- A reservation for eligible employee subscriptions
Key shareholders participating in the OFS include:
- Rekha Rakesh Jhunjhunwala: 27.23 lakh equity shares
- Intensive Softshare Private Limited: 22.40 lakh shares
- Intensive Finance Private Limited: 14.87 lakh shares
The company plans to use ₹135 crore from the fresh issue to reduce debt and for general corporate purposes.
On August 5, Baazar Style Retail raised ₹37 crore in a pre-IPO placement from institutional investors, including Volrado Ventures Partners Fund II.
As of December 31, 2023, the company operated 153 stores across 140 cities in 9 states, covering over 1.39 million square feet.
Financial highlights for FY23:
- Revenue from operations: ₹787.9 crore
- Profit after tax (PAT): ₹5.4 crore
The IPO’s book-running lead managers are Axis Capital, Intensive Fiscal Services, and JM Financial. Link Intime India will serve as the registrar for the issue.
