SUMMARY
- Baazar Style Retail has secured a funding of Rs 250.1 crore from 22 anchor investors on August 29.
- This includes the final distribution of 64,29,372 equity shares to its anchor investors at a valuation of Rs 389 per share.
- The IPO’s price band, scheduled to open on August 30, has been set at Rs 370 to Rs 389 per share.
Kolkata-based fashion retailer Baazar Style Retail has secured a funding of Rs 250.1 crore from 22 anchor investors on August 29. This funding has come ahead of the company’s IPO.
A panel of global investors including prominent entities such as HSBC Global Investment Funds, Natixis International Funds, Optimix Wholesale Global Emerging Markets Share Trust, Allianz Global Investors Fund, and Societe Generale participated in the anchor book.
Among other notable investors in the anchor book are HDFC Mutual Fund, Ashoka India Equity Investment Trust Plc, Whiteoak Capital, Volrado Venture Partners Fund, Bandhan Mutual Fund, Motilal Oswal Mutual Fund, Bajaj Allianz Life Insurance Company, SBI General Insurance Company, Helios Flexi Cap Fund, Trust Mutual Fund, Julius Baer India Equity Fund, Reliance General Insurance Company, and Verition Multi-Strategy Master Fund.
In its regulatory filing with the stock exchanges, Baazar Style Retail announced the final distribution of 64,29,372 equity shares to its anchor investors at a valuation of Rs 389 per share.
The company disclosed that out of the total allocation of 64,29,372 equity shares to the anchor investors, 22,76,390 equity shares have been allocated to eight domestic mutual funds across various schemes.
Established in June 2013, Baazar Style Retail, operating in the states of West Bengal and Odisha, is set to raise a total of Rs 834.68 crore through its initial public offering. This offering has two components: a fresh issue of Rs 148 crore and an offer-for-sale of 1.76 crore equity shares valued at Rs 686.68 crore.
The IPO’s price band, scheduled to open on August 30, has been established at Rs 370 to Rs 389 per share, with the offering expected to conclude on September 3.
As a leading fashion retailer with market shares of 3.03% in the organized value retail segment of West Bengal and 2.22% in Odisha, Baazar Style Retail plans to utilize the fresh proceeds from this offering for debt repayment and general corporate purposes. Following the IPO, the company anticipates a significant reduction in its debt burden.
The company has reserved half of the IPO size for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35 % for retail investors. Additionally, Rs 1 crore worth of shares have been reserved for the company’s employees, with a special discount of 35 per share.
Axis Capital, Intensive Fiscal Services, and JM Financial are the merchant bankers engaged in the company’s IPO, while Link Intime India is appointed as the registrar for the offer.
