Jhunjhunwala-Backed Baazar Style Sets IPO Price Band At Rs 370-389 Apiece
The initial public offering of Rekha Jhunjhunwala-backed Baazar Style Retail Ltd. will open for subscription this week with a price band of Rs 370-389 per share. At the upper end of the price band, the value fashion retailer aims to raise over Rs 834.67 crore via the public issue, including a fresh issue portion worth Rs 148 crore and an offer-for-sale of 1.76 crore equity shares worth Rs 686.68 crore, according to the red herring prospectus.
Rekha Rakesh Jhunjhunwala will offload 27.2 lakh shares in the OFS, while Intensive Softshare Pvt., Intensive Finance Pvt., and Chandurkur Investments Pvt. will be among the other selling shareholders.
The Kolkata-based company will open its IPO for subscription on Aug. 30, which will continue till Sept. 3. The minimum lot size for bidding will be 38 shares, with further bids to be made in multiples, according to the company's price band advertisement on Monday. Axis Capital Ltd., Intensive Fiscal Services Pvt. and JM Financial Ltd. will be the lead book-running managers for the issue.
Of the total proceeds, Rs 146 crore will be used for the prepayment or repayment of outstanding borrowings. The company will also use the proceeds from the issue for general corporate purposes.
Operating under the brand name ‘Style Bazaar', the company is one of the leading players in the value retail market in West Bengal and Odisha. The company has market share of 3.03% and 2.22% in organised value retail markets in West Bengal and Odisha, respectively, it said in its prospectus.
Its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh. As of March 31, 2024, it operated 162 stores spread across over 1.47 million square feet located in 146 cities.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
