Jhunjhunwala-Backed Baazar Style Sets IPO Price Band At Rs 370-389 Apiece
Maiden share sale of the Kolkata-based company will open for subscription on Aug. 30 and continue till Sept. 3.
The initial public offering of Rekha Jhunjhunwala-backed Baazar Style Retail Ltd. will open for subscription this week with a price band of Rs 370-389 per share. At the upper end of the price band, the value fashion retailer aims to raise over Rs 834.67 crore via the public issue, including a fresh issue portion worth Rs 148 crore and an offer-for-sale of 1.76 crore equity shares worth Rs 686.68 crore, according to the red herring prospectus.
Rekha Rakesh Jhunjhunwala will offload 27.2 lakh shares in the OFS, while Intensive Softshare Pvt., Intensive Finance Pvt., and Chandurkur Investments Pvt. will be among the other selling shareholders.
The Kolkata-based company will open its IPO for subscription on Aug. 30, which will continue till Sept. 3. The minimum lot size for bidding will be 38 shares, with further bids to be made in multiples, according to the company's price band advertisement on Monday. Axis Capital Ltd., Intensive Fiscal Services Pvt. and JM Financial Ltd. will be the lead book-running managers for the issue.
IPO Rush: Jhunjhunwala-Backed Baazar Style, Premier Energies Among Nine New Issues This Week
Of the total proceeds, Rs 146 crore will be used for the prepayment or repayment of outstanding borrowings. The company will also use the proceeds from the issue for general corporate purposes.
Operating under the brand name ‘Style Bazaar’, the company is one of the leading players in the value retail market in West Bengal and Odisha. The company has market share of 3.03% and 2.22% in organised value retail markets in West Bengal and Odisha, respectively, it said in its prospectus.
Its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh. As of March 31, 2024, it operated 162 stores spread across over 1.47 million square feet located in 146 cities.
