(Source: ECI/ABP News/ABP Majha)
Upcoming IPO: Rekha Jhunjhunwala-Backed Bazaar Style Retail Submits Papers For Maiden Offer, Check Details
The report stated that the company will likely reveal the price band for the IPO on August 27 and start accepting bids for subscription for the issue on August 30
Bazaar Style Retail, backed by Rekha Rakesh Jhunjhunwala, submitted the red herring prospectus with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The prospectus of the company showed that the maiden listing includes a fresh issue of equity shares worth Rs 148 crore and an offer-for-sale (OFS) of 1.7 crore equity shares being sold by promoter group entities and other shareholders, reported Moneycontrol.
The report stated that the company will likely reveal the price band for the IPO on August 27 and start accepting bids for subscription for the issue on August 30. As part of the OFS, Jhunjhunwala will offload 27.23 lakh equity shares, while Intensive Softshare Private Limited will sell 14.87 lakh shares in the issue.
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The anchor book for the issue will be launched a day ahead of the maiden listing on August 29, 2024. The subscription window for the IPO will close on September 3, 2024. The book-running lead managers of the issue are Axis Capital, Intensive Fiscal Services, and JM Financial. Meanwhile, Link Intime India will act as the registrar for the maiden listing.
The proceeds raised from the issue would be utilised by the firm towards prepayment or repayment of its outstanding borrowings and general corporate purposes. The company clocked an overall income of Rs 982 crore in the 2023-24 fiscal year (FY24), climbing 23 per cent against Rs 794 crore reported in the preceding financial year. The net profit of the firm soared more than four-fold or 320 per cent on a year-on-year (YoY) basis to Rs 21 crore in FY24, against Rs 5 crore a year earlier. The return on equity (RoE) for the company increased to 10 per cent in FY24, as compared to 3 per cent in the year-ago period.
The company is one of the major players in the value retail market and has 162 stores spread across more than 1.47 million square feet, as of March end, 2024.