Baazar Style Retail’s IPO opens on Aug 30

New Delhi: Value fashion retailer Baazar Style Retail Ltd on Monday said it has fixed a price band of Rs 370-389 per share for its Rs 835-crore Initial Public Offering (IPO). The initial share sale will open for public subscription on August 30 and conclude on September 3, the company announced. The proposed IPO is a combination of a fresh issue of equity shares worth Rs 148 crore and an Offer for Sale (OFS) of up to 1.76 crore shares valued at Rs 687 crore at the upper end of the price band by promoter group entities and other selling shareholders. With this, the total issue size will be Rs 835 crore at the upper and of the price band Rs 389. Under the OFS, Rekha Jhunjhunwala, Intensive Softshare Private Ltd, and Intensive Finance Private Ltd among others will divest their part stakes. Proceeds from the fresh issue, to the extent of Rs 146 crore will be used for payment of debt and the remaining funds will be used for general corporate purposes. Earlier this month, the Kolkata-based company raised Rs 37 crore from Volrado Ventures Partners Fund II in a pre-IPO placement round.