The offer received bids for 30.80 crore shares as against 1.50 crore shares on offer.
The initial public offer (IPO) of Baazar Style Retail received 30,80,54,486 bids for shares as against 1,50,30,116 shares on offer, according to stock exchange data at 17:32 IST on Tuesday (3 September 2024). The issue was subscribed 20.50 times.The issue opened for bidding on 30 August 2024 and it will close on 3 September 2024. The price band of the IPO was fixed between Rs 370 to 389 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.
The IPO comprises fresh issue of equity shares worth up to Rs 148 crore and an offer for sale of 1,76,52,320 equity shares aggregating up to Rs 686.68 crore by existing shareholders.
Of the net proceeds from the fresh issue, Rs 146 crore will be used for the prepayment or repayment of certain outstanding borrowings, with the remaining amount allocated for general corporate purposes. The promoter and promoter group holds an aggregate of 55.03% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 45.56%.
Ahead of the IPO, Bazaar Style Retail on Thursday, 29 August 2024, raised Rs 250.10 crore from anchor investors. The board allotted 64.29 lakh shares at Rs 389 each to 28 anchor investors.
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Bazaar Style Retail is a fashion retailer operating in West Bengal and Odisha, holding 3.03% and 2.22% market share respectively. Its offerings can be bifurcated under the apparels and general merchandise verticals. In FY24, Apparel segment contributed 83.89% to revenue and general merchandise segment 16.11%.
The company has the largest retail footprint in Eastern India compared to other listed value retailers in Fiscal 2024. As of 31 March 2024, it operated 162 stores across more than 1.47 million square feet in 146 cities. The majority of its stores are operated under the brand name Style Bazaar.
The firm reported a consolidated net profit of Rs 21.94 crore and sales of Rs 972.88 crore for the twelve months ended on 31 March 2024.
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