Bazaar Style Retail IPO to Open on August 30, Priced at ₹370-389

26 Aug 2024 , 12:25 PM

Kolkata-based Bazaar Style Retail Ltd has announced a price band of ₹370-389 per share for its upcoming initial public offering (IPO), scheduled to open on August 30. The anchor bidding phase will commence on August 29, with the IPO closing on September 3.

The IPO includes a fresh issue of ₹148 crore and an offer for sale (OFS) of up to 17.65 million shares by existing shareholders and promoters. At the upper end of the price range, the OFS is valued at ₹687 crore, making the total issue size ₹834.68 crore. The company’s total market capitalization is expected to reach ₹2,900 crore.

The basis of allotment will be finalized on September 4, with refunds initiated on September 5. The shares are expected to be listed on September 6.

Axis Capital, Intensive Fiscal Services, and JM Financial are the book-running lead managers for the IPO, while Link Intime India will serve as the registrar.

For the fiscal year 2024, Bazaar Style Retail reported total income of ₹982 crore, marking a 23% year-on-year increase from ₹794 crore. Its profit surged over four-fold to ₹21 crore from ₹5 crore in the previous year. The company’s return on equity (RoE) also improved to 10% from 3% a year earlier.

Bazaar Style Retail is a prominent player in the value retail market in West Bengal and Odisha, operating 162 stores across over 1.47 million square feet as of March 31, 2024. The company provides quality and affordable products in the apparel and general merchandise segments through its network of ‘value retail’ stores. The apparel segment includes garments for all age groups, while the general merchandise includes non-apparel and home furnishing products.