Jhunjhunwala-backed Baazar Style Retail IPO Kicks Off August 30: Key Dates and Issue Size Revealed

The IPO (Initial Public Offering) of Baazar Style Retail, a company backed by Rekha Rakesh Jhunjhunwala, is set to open for public subscription on August 30 and will close on September 3.

IPO Details

This IPO will consist of a mix of new shares worth up to Rs 148 crore and the sale of up to 1.76 crore shares by the promoter group and other shareholders.

Rekha Jhunjhunwala, a prominent investor and wife of the late Rakesh Jhunjhunwala, will be selling 2.72 million shares in the IPO. Other shareholders participating in the sale include Intensive Softshare, Intensive Finance, Chandurkar Investments, Rajnish Gupta, DK Surana HUF, and promoters Madhu Surana, Subroto Trading & Finance, Sabita Agarwal, Rekha Kedia, and Shakuntala Devi.

Earlier this month, Baazar Style Retail conducted a private placement of 9,56,072 equity shares to Volrado Ventures Partners Fund II at an issue price of Rs 387 per share, raising Rs 37 crore.

Use of Proceeds

The company plans to use the funds raised from the IPO to repay debts and for general corporate purposes. Axis Capital, Intensive Fiscal Services, and JM Financial are the book-running lead managers for the IPO.

About Baazar Style Retail

Baazar Style Retail Limited is a value fashion retailer based in Kolkata, known for its large retail presence in Eastern India, particularly in West Bengal and Odisha. The company has a 3.03% market share in West Bengal and a 2.22% share in Odisha’s organized value retail market.

Investors in the company include Rekha Rakesh Jhunjhunwala, Kewal Kiran Clothing Limited, Manohar Lal Agarwal (promoter of Haldiram Snacks), Boon-family office of Supreme Industries, Intensive Softshare Private Limited, D.K. Surana, Ajay Kumar Jain, and Sanjay Kumar Jain (partners of J.K. Jain Sparky (India) LLP).

Growth and Store Expansion

The company follows a cluster-based expansion model, opening new stores within the same or nearby districts where it already operates. By the end of FY24, Baazar Style Retail had 162 stores.

Baazar Style Retail’s revenue from operations has increased significantly, growing from Rs 551 crore in FY22 to Rs 973 crore in FY24, which represents a compound annual growth rate (CAGR) of 32.86%. During the same period, the overall lifestyle and home value retail market grew at a CAGR of 19.3%.