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Rekha Jhunjhunwala-backed Baazar Style Retail may launch IPO this week: Report
Baazar Style Retail IPO: Net proceeds from the ₹135 crore IPO will be used to pay down debt and for general corporate purposes.
Rekha Jhunjhunwala-backed Baazar Style Retail (Style Baazar) is reportedly launching its initial public offering (IPO) this week. The company had filed its draft red herring prospectus (DRHP) in May this year as per which the proposed IPO comprises a fresh issue of equity shares worth ₹185 crore and an offer for sale (OFS) of up to 1.68 crore shares by promoter group entities and other selling shareholders. Reservation for subscriptions by eligible employees is also included in the IPO.
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In the OFS, Rekha Rakesh Jhunjhunwala will sell 27.23 lakh equity shares. Additionally, Intensive Softshare Private Limited will offload 22.40 lakh shares and Intensive Finance Private Limited will divest 14.87 lakh shares in the OFS. Net proceeds from the ₹135 crore IPO will be used to pay down debt and for general corporate purposes.
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Earlier this month, the company raised ₹37 crore in a pre-IPO placement from institutional investors, including Volrado Ventures Partners Fund II.
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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.
