Baazar Style Retail Limited, a value fashion retailer offering quality and affordable products under the apparels and general merchandise segments, through a chain of ‘value retail’ stores, has fixed the price band of ₹370/- to ₹389/- per Equity Share of face value ₹5/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, August 30, 2024, for subscription and close on Tuesday, September 03, 2024. Investors can bid for a minimum of 38Equity Shares and in multiples of 38 Equity Shares thereafter. A Discount of 35 per Equity Share is being offered to Eligible Employees
The IPO consists of fresh issue of up to Rs 148 crore and an offer for sale (OFS) of up to 1,76,52,320 equity shares by Promoter Group Selling Shareholders and Investor Selling Shareholders.
The proceeds from the fresh issue, to the extent of Rs 146 crore for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company; and general corporate purposes.
Earlier, this month, Baazar Style Retail Limited had undertaken a private placement of 9,56,072 equity shares to VolradoVentures Partners Fund II at an issue price of Rs 387 per equity share (including a premium of Rs 382 per equity share) aggregating to Rs 37 crore. Accordingly, the fresh issue is reduced.
Incorporated in 2013, Style Baazar had market share of 3.03% and 2.22%, respectively in organized value retail market in the states of West Bengal and Odisha, respectively as per The Technopak Report. It has the largest retail footprint in Eastern India when compared to the Listed Value Retailers in Fiscal 2024. The Company was the fastest growing value retailer between 2017 to 2024, in terms of both store count and revenue from operations, when compared to V2 Retail Limited and V-Mart Retail Limited (“Listed Value Retailers”) as per The Technopak Report. A majority of its stores are operated under the brand name ‘Style Bazaar’. It has developed its brand ‘Style Bazaar’ over the years, through a wide range of products, which it believe has resulted in strong customer loyalty and recognition.
