Rekha Rakesh Jhunjhunwala backed Baazar Style Retail Limited raises Rs 37 crore in Pre-IPO placement from Volrado Venture Partners
Mumbai, 05th August 2024 (GNI): Kolkata-based Baazar Style Retail Limited, a value fashion retailer with the largest retail footprint in Eastern India and leadership positions in scale in West Bengal and Odisha in the organized value retail market, has raised Rs 37 crore from institutional investors. Accordingly, the fresh issue size has been reduced from Rs 185 crore to Rs 148 crore.
As per a media advertisement in Financial Express, on August 5, 2024, the company, in consultation with the lead bankers, had undertaken 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 (including a premium of Rs 382 per equity share) aggregating to Rs 37 crore.
According to the DRHP filed in March 2024, the public issue with a face value of Rs 5 per equity share is a mix of a fresh issue of up to Rs 185 crore and an offer of sale of up to 16.88 million by the promoter group and other selling shareholders. The offer includes a reservation for subscriptions by eligible employees.
Baazar Style Retail Ltd’s was incorporated in Fiscal 2014, and has scaled itself from 2 stores in 1 state to 153 stores spread across over 1.39 million square feet located in 140 cities in 9 states as of 31 December, 2023. It is the fastest growing value retailer between 2017 to 2023, in terms of both store count and revenue from operations, with the highest EBITDA Margin (%) for Fiscal 2023 as per the Technopak Report. It is a one-stop shop catering to the requirements of the entire family by providing a quality product portfolio at an affordable price.
It has developed its brand ‘Style Bazaar’ over the years, through a wide range of products, which has resulted in strong customer loyalty and recognition. Its business model based on cluster-based expansion, high street stores, a variety of quality merchandise, deep penetration in its core markets, comprehensive product assortment, and strategic selection of locations for its stores has led to its rapid growth and paved the way for it to expand its presence in Eastern India, which is the fastest growing region for value retail (lifestyle and home), according to the Technopak Report.
Axis Capital Limited, Intensive Fiscal Services Private Limited, and JM Financial Limited are the book-running lead managers, and Link Intime India Private Limited is the registrar of the issue.ends GNI
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