20 august 2024 : Baazar Style Retail, supported by Rekha Jhunjhunwala, is anticipated to initiate its initial public offering (IPO) within this week. The company submitted its draft red herring prospectus (DRHP) in May of this year, which indicates that the proposed IPO will consist of a fresh issuance of equity shares valued at ₹185 crore, along with an offer for sale (OFS) of up to 1.68 crore shares from promoter group entities and other selling shareholders. Additionally, the IPO will include a reservation for subscriptions by eligible employees.
In the Offer for Sale (OFS), Rekha Rakesh Jhunjhunwala is set to sell 2.723 million equity shares. Furthermore, Intensive Softshare Private Limited plans to offload 2.240 million shares, while Intensive Finance Private Limited will divest 1.487 million shares in the OFS. The net proceeds from the ₹135 crore initial public offering (IPO) will be allocated towards debt repayment and general corporate activities.
Earlier this month, the company raised ₹37 crore in a pre-IPO placement from institutional investors, including Volrado Ventures Partners Fund II.
The company is one of the leading players in the value retail market in West Bengal and Odisha, with a presence of 153 stores spread across over 1.39 million square feet in 140 cities across 9 states. The company reported revenue from operations of ₹787.9 crore in FY23 and a profit after tax (PAT) of ₹5.4 crore. Book-running lead managers of the IPO are Axis Capital, Intensive Fiscal Services, and JM Financial while Link Intime India is the registrar for the issue.
