Billionaire Rekha Jhunjhunwala, wife of the late Rakesh Jhunjhunwala, is known for her massive investment in several companies. She inherited a valuable stock portfolio from her late husband. The 60-year-old has a real-time net worth of USD 8.8 billion, as per Forbes. Rekha has also invested in various unlisted companies. One such company is value fashion retailer Baazar Style Retail Ltd which is set to open an Rs 835-crore Initial Public Offering (IPO) on August 30.
The company on Monday said it has fixed a price band of Rs 370-389 per share for its IPO. The initial share sale will open for public subscription on August 30 and conclude on September 3. Investors can bid for a minimum of 38 shares in one lot, with additional shares in multiples of 38.
The proposed IPO is a combination of a fresh issue of equity shares worth Rs 148 crore and an Offer for Sale (OFS) of up to 1.76 crore shares valued at Rs 687 crore at the upper end of the price band by promoter group entities and other selling shareholders.
With this, the total issue size will be Rs 835 crore at the upper and of the price band Rs 389. Under the OFS, Rekha Jhunjhunwala, Intensive Softshare Private Ltd, and Intensive Finance Private Ltd among others will divest their part stakes.
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Earlier this month, the Kolkata-based company raised Rs 37 crore from Volrado Ventures Partners Fund II in a pre-IPO placement round. Bazaar Style Retail is one of the leading players in the value retail market in West Bengal and Odisha. Additionally, its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh.
Baazar Style Retail's consolidated revenue from operations stood at Rs 972.88 crore in fiscal 2024 and Profit after tax stood at Rs 21.94 crore in fiscal 2024. Axis Capital, Intensive Fiscal Services, and JM Financial are the book-running lead managers to the issue.
(With inputs from PTI)
