Kolkata-based Baazar Style Retail Ltd has established a price band of ₹370-₹389 per share for its upcoming Initial Public Offering (IPO), which is set to open on August 30, 2024. The anchor bidding for the IPO will begin on August 29, with the public issue closing on September 3.
The ₹148 crore IPO consists of a fresh issue of equity shares and an offer-for-sale of up to 17,654,954 shares by existing shareholders and promoters. At the higher end of the price band, the OFS amounts to ₹687 crore. The fresh issue, amounting to ₹148.1 crore, takes the total size of the IPO issue to ₹834.68 crore. The market capitalization of the company after listing is expected to be around ₹2,900 crore.
Refunds on Sept 5 are initiated for the mistakes and errors occurred most of the time. Finalization of the shares alotted of the investors will be completed on Sept 4, and the shares of the Baazar Style Retail are supposed to be enlisted at the stock exchanges on 6th of September, 2024.
FY24 total income for Baazar Style Retail was at ₹982 crore, representing a growth of 23% from ₹794 crore achieved in the last fiscal. Further, its profit increased by 320% on an annual basis to ₹21 crore for the fiscal year FY24, which amounted to ₹5 crore in the last fiscal year. The return on equity improved to 10% during FY24 from 3% in FY23.
Baazar Style Retail is one of the important players in the value retail market with 162 stores all pre-dominantly across West Bengal and Odisha. The Company offers affordable products in the apparel segment and general merchandise-quality products for men, women, children, and infants.
This IPO is being handled by Axis Capital, Intensive Fiscal Services, and JM Financial. The registrar to this is Link Intime India.
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Source: Moneycontrol
News Desk
