Rekha Rakesh Jhunjhunwala-backed Baazar Style Retail files for IPO: Details

Baazar Style Retail IPO: Here are top 10 things you need to know about Rekha Rakesh Jhunjhunwala- backed Baazar Style Retail IPO

Published on: Mar 18, 2024, 15:37:49 IST

By HT News Desk

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Baazar Style Retail IPO: Rekha Rakesh Jhunjhunwala-backed Baazar Style Retail filed its initial public offering (IPO) papers with the Securities and Exchange Board of India (Sebi). The IPO will be a mix of fresh shares of up to ₹185 crore and an offer-of sale (OFS) of up to 1.68 crore by the promoter group and other selling shareholders. Here are top 10 things you need to know about Baazar Style Retail IPO:

Baazar Style Retail IPO: The public offer is a mix of fresh issue of shares up to ₹185 crore and an offer of sale of up to 1.68 crore.

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The offer for sale will include the sale of up to 27.2 lakh equity shares by Rekha Rakesh Jhunjhunwala, up to 22.4 lakh shares by Intensive Softshare, up to 14.9 lakh shares by Intensive Finance, up to 13.1 lakh shares by Chandurkar Investments, among others.
Following the demise of Rakesh Jhunjhunwala, the equity shares held by him were transferred to his wife and nominee Rekha Rakesh Jhunjhunwala. Read more: Binny Bansal invests ₹200 crore more in startup Curefoods of ex-Flipkart executive: What we know
The promoters of the company Baazar Style Retail are: Pradeep Kumar Agarwal, Rohit Kedia, Shreyans Surana, Bhagwan Prasad, Rajendra Kumar Gupta, Rajendra Kumar Gupta (HUF) and Sri Narsingh Infrastructure.
The company could also consider a further issue of specified securities through a private placement, rights issue, preferential offer, or any other method aggregating to ₹37 crore. Read more: LIC share prices down 10% in 5 sessions. What's happening? Will it fall more?
Net proceeds from the IPO will be utilised for prepayment or repayment of certain outstanding borrowings and general corporate purposes by the company.
Axis Capital, Intensive Fiscal Services and JM Financial are the book-running lead managers of the IPO while Link Intime India is the registrar of the issue. Read more: Adani Group stocks today: All 10 Adani group companies trade lower. Here's why
In the financial year 2023, Baazar Style Retail reported a standalone profit of ₹5.1 crore, up from a net loss of ₹8.01 crore in the previous year.
In the same period, revenue from operations increased 43 per cent to ₹787.90 crore from ₹551.12 crore in the previous year.
As of December 31, 2023, the company had 153 stores across 140 cities and is one of the leading players in the value retail market in West Bengal and Odisha.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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