All round response to Kolkata-based value fashion retailer’s public issue.
MUMBAI, Seb 3 (the CONNECT) – The Initial Public Offering of Rekha Rakesh Jhunjhunwala-backed Baazar Style Retail Limited was subscribed 40.63 times on its final day of bidding.
The issue received bids of 61,07,16,050 shares against the offered 1,50,30,116 equity shares, at a price band of ₹370-389, according to the data available on the stock exchanges.
While the Non-Institutional Investors Portion and Retail Portion were subscribed 59.41 times and 9.07 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 81.83 times. Employee Portion also saw robust demand and was subscribed 35.07 times.
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 to the offer. The equity shares are proposed to be listed on BSE and NSE.
Company Information
Baazar Style Retail Limited, a value fashion retailer offering quality and affordable products under the apparels and general merchandise segments, through a chain of ‘value retail’ stores.
Incorporated in 2013, Style Baazar had market share of 3.03% and 2.22%, respectively in organized value retail market in the states of West Bengal and Odisha, respectively as per The Technopak Report. It has the largest retail footprint in Eastern India when compared to the Listed Value Retailers in Fiscal 2024. The Company was the fastest growing value retailer between 2017 to 2024, in terms of both store count and revenue from operations, when compared to V2 Retail Limited and V-Mart Retail Limited (“Listed Value Retailers”) as per The Technopak Report. A majority of its stores are operated under the brand name ‘Style Bazaar’. It has developed its brand ‘Style Bazaar’ over the years, through a wide range of products, which it believes has resulted in strong customer loyalty and recognition.
The Kolkata-based Retailer offers bifurcated under the apparels and general merchandise verticals. Within the apparels vertical, it offers garments for men, women, boys, girls and infants, whereas its general merchandise offerings include both non-apparels and home furnishing products. It focuses on providing a family-oriented shopping experience, offering quality products and strive to offer every Indian stylish merchandise at an affordable price.
As of March 31, 2024, its stores had an average size of 9,046 square feet with trained staff to enhance customer experience.
Its product portfolio includes both apparels and general merchandise including cosmetics and imitation jewellery, consumer appliances, houseware products and bags, as highlighted below. The portfolio of apparels includes shirts, t-shirts, trousers, sarees, sports and active wear, winter wear, night wear, western ware, ethnic wear and accessories catering to the needs of men, women, children, and youngsters.
Baazar Style Retail’s consolidated revenue from operations stood at ₹972.88 crore in fiscal 2024 and Profit after tax stood at ₹21.94 crore in fiscal 2024.
Here is the subscription data for all the categories of investors:
| Baazar Style Retail Limited
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| Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 42,86,248 | 35,07,22,938 | 81.83 |
| 1(a) | Foreign Institutional Investors (FIIs) | – | 9,48,01,678 | – |
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | – | 14,72,70,406 | – |
| 1(c) | Mutual Funds | – | 1,96,58,920 | – |
| 1(D) | Others | – | 8,89,91,934 | – |
| 2 | Non Institutional Investors(NIIS) | 32,14,686 | 19,09,69,532 | 59.41 |
| 2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 21,43,124 | 14,84,47,494 | 69.27 |
| 2.1(a) | Corporates | – | 19,16,264 | – |
| 2.1(b) | Individuals (Other than RIIs) | – | 13,20,90,736 | – |
| 2.1(c) | Others | – | 1,44,40,494 | – |
| 2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 10,71,562 | 4,25,22,038 | 39.68 |
| 2.2(a) | Corporates | – | 1,18,104 | – |
| 2.2(b) | Individuals (Other than RIIs) | – | 3,70,28,378 | – |
| 2.2(c) | Others | – | 53,75,556 | – |
| 3 | Retail Individual Investors (RIIs) | 75,00,934 | 6,80,48,728 | 9.07 |
| 3(a) | Cut Off | – | 5,99,65,102 | – |
| 3(b) | Price Bids | – | 80,83,626 | – |
| 4 | Employee Reserved | 28,248 | 9,90,812 | 35.08 |
| 4(a) | Employee (Cut off) | – | 9,35,522 | – |
| 4(b) | Employee (Price) | – | 55,290 | – |
| 5 | Reservation PortionShareholder | – | – | – |
| 5(a) | RPS (Cut off) | – | – | – |
| 5(b) | RPS (Price) | – | – | – |
| Total | 1,50,30,116 | 61,07,32,010 | 40.63 | |
