The IPO is a combination of fresh issues of up to Rs 148 crore and an offer for sale of up to Rs 1.76 crore worth of securities by the promoter group and other selling shareholders.
Star Investor Rekha Jhunjhunwala will sell 2.72 million shares in the IPO. Other selling shareholders include Intensive Softshare, Intensive Finance, Chandurkar Investments, Rajnish Gupta, DK Surana HUF and 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, amounting to Rs 37 crore.
The company said the proceeds from the IPO would be used to repay loans and for general corporate purposes. The lead managers of the IPO are Capital of the AxisIntensive Tax Services and JM FinancialKolkata-based Baazar Style Retail Limited is a value fashion retailer with the largest retail presence in Eastern India and leadership positions in West Bengal and Odisha in the organised value retail market. It has a market share of 3.03% and 2.22% respectively in the organised value retail market in West Bengal and Odisha.
The Kolkata-based company is backed by investors including: Rekha Rakesh Jhunjhunwalathe wife of the deceased Rakesh JhunjhunwalaKewal Kiran Clothing Limited, Manohar Lal Agarwal, Promoter of Haldiram Snacks, Boon Family Office of Supreme IndustriesIntensive Softshare Private Limited, DK Surana, Ajay Kumar Jain and Sanjay Kumar Jain, Partners at JK Jain Sparky (India) LLP.
Its stores operate on a cluster-based expansion model, where a new store is opened and operated within the same or nearby districts in which it operates its existing stores. The number of stores was 162 at the end of fiscal year 2024.
The company’s operating income grew from Rs 551 crore in FY22 to Rs 973 crore in FY24, indicating a CAGR of 32.86%, while the overall lifestyle and value home retail market is estimated to have grown at a CAGR of 19.3% from FY22 to FY24.
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