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Bazaar Style Retail Ltd IPO: Key Details and Financial Highlights

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Published Date: 29 Aug 2024Updated Date: 31 Dec 20246 mins readBy MOFSL

With Nifty 50 crossing the 25,000 mark and the recent success of IPOs such as Ola, FirstCry, and Unicommerce Ltd., the Indian stock market is buzzing with investor enthusiasm. Adding to this momentum, Bazaar Style Retail Ltd, a leading name in the value retail sector, is set to make its public debut with a highly anticipated IPO. Bazaar Style Retail Ltd, a major player in the value retail market, is launching its initial public offering (IPO) with a price range set between Rs 370-389 per share. The IPO will open to the public on August 30, with anchor investors starting their bidding on August 29. The offering will close on September 3.

Company Overview

Headquartered in Kolkata, Bazaar Style Retail Ltd has established a strong foothold in the value retail space, particularly in West Bengal and Odisha. As of March 31, 2024, the company operates 162 stores, encompassing a total retail area of over 1.47 million square feet. Known for offering quality products at affordable prices, the company has built a significant presence in both apparel and general merchandise. Currently, Bazaar Style Retail holds a 3.03% market share in West Bengal and a 2.22% share in Odisha within the organized value retail segment.

IPO Structure

The IPO will comprise a fresh issue amounting to Rs 148 crore, along with an offer for sale (OFS) of up to 1.76 crore shares by the existing shareholders and promoters. At the upper price band of Rs 389, the OFS is valued at Rs 687 crore, making the total issue size approximately Rs 834.68 crore. The net proceeds from the fresh issue will be utilized for repaying or prepaying certain outstanding borrowings and for general corporate purposes.

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Key dates for the IPO include the basis of allotment on September 4, refund initiation on September 5, and expected listing on stock exchanges on September 6. Anchor allocations are scheduled for August 29.

Investor Participation

The IPO will see participation from prominent investors, including Rekha Jhunjhunwala, who plans to offload 2.72 million shares. Other sellers include Intensive Softshare, Intensive Finance, Chandurkar Investments, Rajnish Gupta, DK Surana HUF, and promoters such as Madhu Surana, Subroto Trading & Finance, Sabita Agarwal, Rekha Kedia, and Shakuntala Devi.

Financial Performance

Bazaar Style Retail has demonstrated robust financial performance, with revenue from operations rising from Rs 551 crore in FY22 to Rs 973 crore in FY24, representing a compound annual growth rate (CAGR) of 32.86%. This outpaces the growth of the overall lifestyle and home value retail market, which grew at a CAGR of 19.3% during the same period.

Earlier this month, Bazaar Style Retail secured Rs 37 crore through a private placement of 9,56,072 equity shares at Rs 387 each to Volrado Ventures Partners Fund II, highlighting investor confidence in the company’s prospects.

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The IPO’s book running lead managers include Axis Capital Limited, Intensive Fiscal Services Private Limited, and JM Financial Limited, with Link Intime India Private Ltd serving as the registrar.

Bazaar Style Retail Ltd's IPO is set to attract substantial interest, underpinned by the company’s strong financial growth and strategic backing from high-profile investors. Its well-established presence in the value retail sector and impressive growth trajectory make it a compelling opportunity for investors looking to capitalize on the burgeoning retail market.

 

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Disclaimer: The stocks, companies, or financial instruments mentioned in this blog are for informational purposes only and should not be considered as investment recommendations. It is advised to consult with your financial advisor before making any investment decisions. Investment in securities markets are subject to market risks, read all the related documents carefully before investing. Investors are strongly encouraged to carefully read the risk disclosure documents prior to participating in market-related investments or trading activities. Due to the volatile nature of financial markets, no guarantees can be made regarding investment returns. Motilal Oswal Financial Services Ltd. does not offer any assured returns on market-linked securities. Please note that past performance of stocks or indices is not indicative of future results.
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