• Source:JND
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Bazaar Style Retail IPO: Value fashion retailer Bazaar Style Retail Ltd stated on Monday that it has set a price range of Rs 370-389 per share for its Rs 835 crore initial public offering (IPO). The company announced that it would open for public subscription on August 30 and close on September 3.

The proposed IPO is a combination of a fresh issue of equity shares worth Rs 148 crore and a shareholder sale of Offer for Sale (OFS) of up to 1.76 crore shares valued at Rs 687 crore at the upper end of the price band by promoter group entities and others.

This brings the total issue size on the upside to Rs 835 crore and Rs 389 of the price band.
The proceeds from the fresh issue, to the extent of Rs 146 crore, will be utilized for debt repayment and the balance will be used for general corporate purposes.

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Earlier this month, the Kolkata-based company raised Rs 37 crore from Vorado Ventures Partners Fund II in a pre-IPO placement round. Accordingly, the size of the fresh issue was reduced. Bazaar Style Retail is a leading player in the value retail market in West Bengal and Odisha.

Other key and focused markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh. Investors can bid for a minimum of 38 shares in a lot, with additional shares in multiples of 38.

In FY24, Bazaar Style Retail's consolidated revenue from operations is Rs 972.88 crore and its profit after tax in FY24 is Rs 21.94 crore. Axis Capital, Intensive Fiscal Services, and JM Financial are the lead managers managing the books for this issue.

(With PTI's Input)

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