Kolkata: City-based Baazar Style Retail, a value fashion retailer backed by Rekha Jhunjhunwala, has fixed a price band of Rs 370-389 per share for its IPO, which will open for public subscription on Aug 30. The IPO aims to raise around Rs 835 crore in the upper price band and includes a fresh issue of up to Rs 148 crore. Promoter group entities and other selling shareholders intend to sell up to 1.7 crore shares, valued at around Rs 687 crore at the upper end of the price band, through offer for sale (OFS).
Under the OFS, Rekha Jhunjhunwala, Intensive Softshare and Intensive Finance, among others, will divest their part stakes. The proceeds from the fresh issue, to the extent of around Rs 146 crore, will be used for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company and general corporate purposes.
Baazar Style Retail’s promoters are Pradeep Kumar Agarwal, Rohit Kedia, Shreyans Surana, Bhagwan Prasad, Rajendra Kumar Gupta, Rajendra Kumar Gupta (HUF) and Sri Narsingh Infrastructure. Incorporated in 2013, Style Baazar has a market share of 3% and 2.2%, respectively, in the organized value retail market in Bengal and Odisha, as per The Technopak Report.