Baazar Style Retail IPO announced the price band, the company's IPO is going to open on 30 August

According to market analysts, the Baazar Style Retail IPO GMP in the unlisted market is Rs 131, which is 33.6% higher than the cap price.

Baazar Style Retail IPO

The IPO of fashion company Baazar Style Retail is about to open. The company's IPO will open on Friday, 30 August and close on Tuesday, 3 September. This will be a mainboard IPO, under which the company will raise a total of Rs 834.68 crore through 2,14,56,947 shares. In this offering, 38,04,627 new shares worth Rs 148.00 crore will be issued, while 1,76,52,320 shares worth Rs 686.68 crore will be issued by the promoters through OFS.

Rs 146 crore will be used to repay the loan

The amount of Rs 146 crore raised from the IPO will be used to repay the loan and the rest of the money will be used for general corporate purposes. Earlier this month, the Kolkata-based fashion company raised Rs 37 crore from Volrado Ventures Partners Fund II in a pre-IPO issue. After this, the size of the IPO was reduced.

The company may be listed on BSE and NSE on September 6

Allotment of shares under the IPO of Rekha Jhunjhunwala-backed Bazaar Style Retail Limited can be done on Wednesday, September 4. After this, shares can be credited to the demat account of investors on Thursday, September 5. The company's listing in the stock market can happen on Friday, September 6. The shares of the companies will be listed on BSE and NSE.

About 50% of the public offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 35% for retail investors.

According to market analysts, the Baazar Style Retail IPO GMP in the unlisted market is Rs 131, which is 33.6% higher than the cap price.

Ace investor Rekha Jhunjhunwala will sell 2.72 million shares in the IPO. Other selling shareholders include Intensive Softshares, Intensive Finance, Chandurkar Investment, Rajnish Gupta, DK Surana HUF, as well as promoters Madhu Surana, Subroto Trading & Finance, Sabita Agarwal, Rekha Kedia and Shakuntala Devi.

Earlier this month, the company had made a private placement of 9,56,072 equity shares to Volrado Ventures Partners Fund II at an issue price of Rs 387 per equity share, aggregating to Rs 37 crore. 

The Kolkata-based company is backed by investors including Rakesh Jhunjhunwala's wife Rekha Rakesh Jhunjhunwala, Kewal Kiran Clothing Limited, Haldiram Snacks promoter Manohar Lal Agarwal, Boon-Family Office of Supreme Industries, Intensive Softshare Private Limited, D.K. Surana, Ajay Kumar Jain and

Its stores operate on a cluster-based expansion model. The number of stores stood at 162 at the end of FY24. The company's operating revenue has grown from Rs 551 crore in FY22 to Rs 973 crore in FY24, showing a CAGR of 32.86%.