Baazar Style Retail IPO: How Much Will Rekha Jhunjhunwala Pocket From Her Stake Sale? Key Details As Issue Opens August 30
The price band for the issue is set between Rs 370 and Rs 389 per share, with a discount of Rs 35 per share for eligible employees.
Baazar Style Retail IPO: How Much Will Rekha Jhunjhunwala Pocket From Her Stake Sale? Key Details As Issue Opens August 30 |
Rekha Jhunjhunwala-backed Baazar Style Retail Limited which is a Kolkata-based value fashion retailer, is gearing up for its public issue. The Initial Public Offering (IPO) is set to open for subscription on August 30, 2024, and is scheduled to close on September 3, 2024.
The price band for the issue is set between Rs 370 and Rs 389 per share, with a discount of Rs 35 per share for eligible employees.
Investors can bid for a minimum of 38 equity shares, with subsequent bids in multiples of 38 shares.
Fresh Issue and offer sale
The IPO consists of a fresh issue worth Rs 148 crore and an Offer for Sale (OFS) of up to 1.76 crore shares by promoter group selling shareholders and investor selling shareholders.
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Baazar Style Retail and Rekha Jhunjhunwala
One of the most talked-about aspects of this IPO is Rekha Jhunjhunwala’s involvement. Known for her astute investment choices, she currently holds a 7.69 per cent stake in Baazar Style Retail, owning 54,46,240 shares. Through the IPO, she plans to offload half of her holding, amounting to 27,23,120 shares.
According to Hindustan Times report, if the shares are sold at the upper price band of Rs 389, she is poised to earn approximately Rs 106 crore from this transaction.
Fund Utilisation
The proceeds from the fresh issue will primarily be used for prepayment or repayment of certain outstanding borrowings, with Rs 146 crore allocated for this purpose.
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The remaining funds will go towards general corporate purposes.
IPO Allocation and Listing Details
The IPO is being made through the Book Building Process.
- 50 per cent of the net offer allocated to Qualified Institutional Buyers (QIBs)
- 15 per cent to Non-Institutional Bidders (NIBs),
- 35 per cent to Retail Individual Bidders.
Furthermore, the shares are expected to be listed on both the BSE and NSE.
About the company
The company has a market share of 3.03 per cent in West Bengal and 2.22 per cent in Odisha, according to a Technopak Report.
The company has a market share of 3.03 per cent in West Bengal and 2.22 per cent in Odisha, according to a Technopak Report.
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