New Delhi: Baazar Style Retail Ltd announced on Monday that it has raised Rs 37 crore from Volrado Ventures Partners Fund II in a pre-IPO round. This reduces the IPO-bound company's fresh issue size to Rs 148 crore from its previous amount of Rs 185 crore.
Furthermore, the Kolkata company's first public offering includes an Offer-For-Sale (OFS) section of a maximum of 1.68 crore shares by promoter group entities and other selling shareholders, as stated in the draft red herring prospectus (DRHP).In the OFS, 27.23 lakh equity shares will be sold by Rekha Rakesh Jhunjhunwala, 22.40 crore shares will be offloaded by Intensive Softshare Private Ltd, and 14.87 lakh shares will be divested by Intensive Finance Pvt Ltd, among others.
The offer consists of a booking for subscription available to qualified employees.
Baazar Style Retail announced on Monday that they had conducted a private placement of 9,56,072 equity shares to Volrado Ventures Partners Fund II at a price of Rs 387 each, totaling Rs 37 crore. Bazaar Style Retail is a top player in the value retail sector in West Bengal and Odisha. Furthermore, its primary target markets also encompass Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh. By December 31, 2023, there were a total of 153 stores owned by the company.
In the fiscal year 2023, Baazar Style Retail reported earnings of Rs 5.10 crore. In the previous year, it incurred a net loss of Rs 8.01 crore. The money earned from business activities in the fiscal year 2023 rose to Rs 787.90 crore, up from Rs 551.12 crore in the prior year. Axis Capital, Intensive Fiscal Services, and JM Financial have been appointed as the book-running lead managers for the offering.
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