Style Retail Private Limited (BSRPL), the Kolkata-based retail chain backed by late veteran investor Rakesh Jhunjhunwala, has hired , and Intensive Fiscal Services as lead bankers for its Rs700-crore IPO, said multiple people aware of the development.
The proposed IPO will value the retail chain at Rs2500 crore, sources said. About Rs300 crore will be raised as primary capital while Rs400 to be raised through a secondary share sale.
The draft red herring prospectus (DRHP) is expected to be filed by February 2023 and IPO is likely to be launched in June 2023, added sources.
At present, Intensive Group owns 13% stake, Rakesh Jhunjhunwala owns about 7.5% stake, promoters of Haldiram (Delhi & Nagpur groups) own 5% and HNIs own about 10-12% stake in Baazar Style. Promoters own about 63% stake in Baazar Style.
When contacted, a spokesperson with Baazar Style declined to comment.
Baazar Style was incorporated in June 2013 jointly by Kolkata based Shreyans Surana, Rohit Kedia, Bhagwan Prasad, Pradeep Kumar Agarwal and Rajendra Kumar Gupta. Baazar Style is engaged in multi brand retailing of lifestyle products.
Baazar Style currently operates 125 stores spread across West Bengal, Odisha, Andhra Pradesh, Jharkhand, Bihar, Assam, Tripura and Uttar-Pradesh. It operates in the retail business under the brand name of ‘Style Baazar’ and ‘Express Baazar’. Baazar Style houses brands across various product categories including apparels, footwear, luggage, accessories, fragrances, cosmetics, sunglasses and toys.
The money raised through the proposed IPO will be used to add more stores. About 100 more stores will be added in the next 2-2.5 years, said sources.
Baazar Style has expanded and grown rapidly as a retail chain in Eastern India targeting the middle class and neo-middle class in
tier II and tier III cities. The stores are housed with various Stock Keeping Units (SKUs) from apparels (90%) and non-apparels (10%) segments.
Baazar Style derives 40%-42% of revenue from men’s wear, 33%-34% from women’s wear, 23%-25% from kids wear, remainder from lifestyle products consisting deodorant, wallet, sunglasses and toys, according to a 2021
report.
In 2019, Style Baazar had raised Rs 51 crore in a funding round led by Jhunjhunwala. Later in 2022, it raised Rs 65 crore from existing investors Rakesh Jhunjhunwala, Intensive Softshare and Rajnish Gupta and new investors including
.
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