Baazar Style Retail raises Rs 37 croreinvestment in a pre-IPO round
06 August 2024, Mumbai
Baazar Style Retail has raised Rs 37 crore from Volrado Ventures Partners Fund II in a pre-IPO round. As a result, the company's fresh issue size for the upcoming IPO has been reduced from Rs 185 crore to Rs 148 crore.
In consultation with its lead bankers, the Kolkata-based company had undertaken a private placement of 9.56 lakh shares to Volrado Ventures Partners Fund II at an issue price of Rs 387 per shareaggregating to Rs 37 crore.
The Kolkata-based company's initial public offering will include an Offer-For-Sale (OFS) component of up to 1.68 crore shares, sold by promoter group entities and other shareholders, according to the draft red herring prospectus (DRHP).
A prominent player in the value retail market, Baazar Style Retail primarily operates in West Bengal and Odisha. The company also has a significant presence in Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh. As of December 31, 2023, it operated 153 stores.
In FY23, the company reported a profit of Rs 5.10 crore, a significant improvement from a net loss of Rs 8.01 crore in the previous year. Revenue from operations increased to Rs 787.90 crore in FY 2023 from Rs 551.12 crore the prior year.
