Baazar Style Retail makes lackluster debut

The scrip was listed at Rs 389, matching the issue price.

So far, the stock has hit a high of 416.95 and a low of 378.15. On the BSE, over 9.36 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Baazar Style Retail was subscribed 40.66 times. The issue opened for bidding on 30 August 2024 and it closed on 3 September 2024. The price band of the IPO was fixed between Rs 370 to 389 per share.

The IPO comprised fresh issue of equity shares worth up to Rs 148 crore and an offer for sale of 1,76,52,320 equity shares aggregating up to Rs 686.68 crore by existing shareholders.

Of the net proceeds from the fresh issue, Rs 146 crore will be used for the prepayment or repayment of certain outstanding borrowings, with the remaining amount allocated for general corporate purposes.

Ahead of the IPO, Bazaar Style Retail on Thursday, 29 August 2024, raised Rs 250.10 crore from anchor investors. The board allotted 64.29 lakh shares at Rs 389 each to 28 anchor investors.

Bazaar Style Retail is a fashion retailer operating in West Bengal and Odisha, holding 3.03% and 2.22% market share respectively. Its offerings can be bifurcated under the apparels and general merchandise verticals. In FY24, Apparel segment contributed 83.89% to revenue and general merchandise segment 16.11%.

The company has the largest retail footprint in Eastern India compared to other listed value retailers in Fiscal 2024. As of 31 March 2024, it operated 162 stores across more than 1.47 million square feet in 146 cities. The majority of its stores are operated under the brand name 'Style Bazaar'.

The firm reported a consolidated net profit of Rs 21.94 crore and sales of Rs 972.88 crore for the twelve months ended on 31 March 2024.