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20 Nov 2024
Baazar Style Retail Limited IPO And Its GMP
Baazar Style Retail Limited is a value fashion retailer with a leadership position in terms of scale in the states of West Bengal and Odisha respectively in the organized value retail market. The Company was the fastest-growing value retailer between 2017 to 2023, in terms of both store count and revenue from operations, when compared to V2 Retail Limited and V-Mart Retail Limited (“Listed Value Retailers”).
They have the largest retail footprint in Eastern India when compared to the Listed Value Retailers in Fiscal 2023. As of December 31, 2023, they operated 153 stores spread across over 1.39 million square feet located in 140 cities. A majority of their stores are operated under the brand name ‘Style Bazaar’. The company has developed their brand ‘Style Bazaar’ over the years, through a wide range of products, which it believes has resulted in strong customer loyalty and recognition.
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IPO OVERVIEW
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● Total Issue Size:
Rs 7,000 crore
- ○ Fresh Issue: Rs 4,000 crore
- ○ Offer for Sale: Rs 3,000 crore
- ● IPO Dates: August 30, 2024 to September 3, 2024
- ● Price Band: To be announced
- ● IPO Open Date: August 30, 2024
- ● IPO Close Date: September 3, 2024
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Book Running Lead Managers:
- 1. Kotak Mahindra Capital Company Limited
- 2. BofA Securities India Limited
- 3. Axis Capital Limited
- 4. Goldman Sachs (India) Securities Private Limited
- 5. SBI Capital Markets Limited
- 6. JM Financial Limited
- 7. IIFL Securities Ltd
- Registrar: Kfin Technologies Limited
WHAT IS GMP?
GMP stands for Grey Market Premium, and if you are planning your IPO then GMP plays an important role. A grey market is a place where stocks/shares get traded before getting officially listed on any stock exchange. The difference between the IPO price and the grey market price is known as GMP (grey market premium). GMP is a premium amount paid at which initial public offering (IPO) shares are traded before it is listed on the stock exchanges.
Baazar Style Retail IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 05-09-2024 | 389 | 45.0 (12%) | 05-Sep-2024 13:15 |
| 04-09-2024 | 389 | 65.0 (17%) | 04-Sep-2024 11:20 |
| 03-09-2024 | 389 | 47.0 (12%) | 03-Sep-2024 13:10 |
| 02-09-2024 | 389 | 65.0 (17%) | 02-Sep-2024 13:10 |
| 30-08-2024 | 389 | 126.0 (32%) | 30-Aug-2024 13:10 |
| 29-08-2024 | 389 | 130.0 (33%) | 29-Aug-2024 12:30 |
| 28-08-2024 | 389 | 141.0 (36%) | 28-Aug-2024 13:30 |
| 27-08-2024 | 389 | 141.0 (36%) | 27-Aug-2024 13:20 |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Baazar Style Retail IPO Overview
| Detail | Description |
|---|---|
| IPO Date | August 30, 2024 to September 3, 2024 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Price Band | ₹370 to ₹389 per share |
| Lot Size | 38 Shares |
| Total Issue Size | 21,456,947 shares (aggregating up to ₹834.68 Cr) |
| Fresh Issue | 3,804,627 shares (aggregating up to ₹148.00 Cr) |
| Offer for Sale | 17,652,320 shares of ₹5 (aggregating up to ₹686.68 Cr) |
| Employee Discount | Rs 35 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 70,810,966 |
| Share holding post issue | 74,615,593 |
Baazar Style Retail IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Friday, August 30, 2024 |
| IPO Close Date | Tuesday, September 3, 2024 |
| Basis of Allotment | Wednesday, September 4, 2024 |
| Initiation of Refunds | Thursday, September 5, 2024 |
| Credit of Shares to Demat | Thursday, September 5, 2024 |
| Listing Date | Friday, September 6, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 3, 2024 |
Baazar Style Retail IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 38 | ₹14,782 |
| Retail (Max) | 13 | 494 | ₹192,166 |
| S-HNI (Min) | 14 | 532 | ₹206,948 |
| S-HNI (Max) | 67 | 2,546 | ₹990,394 |
| B-HNI (Min) | 68 | 2,584 | ₹1,005,176 |
Baazar Style Retail IPO Reservation
| Investor Category | Shares Offered | Maximum Allottee |
|---|---|---|
| Anchor Investor Shares Offere | 64,29,372 (29.96%) | NA |
| QIB Shares Offered | 42,86,248 (19.97%) | NA |
| NII (HNI) Shares Offered | 32,14,686 (14.98%) | |
| bNII > ₹10L | 21,43,124 (9.99%) | 4,028 |
| sNII < ₹10L | 10,71,562 (4.99%) | 2,014 |
| Retail Shares Offered | 75,00,934 (34.95%) | 1,97,393 |
| Employee Shares Offered | 28,248 (0.13%) | NA |
| Total Shares Offered | 2,14,59,488 (100%) |
Baazar Style Retail IPO Promoter Holding
| Share Holding Pre Issue | 55.03% |
| Share Holding Post Issue |
Baazar Style Retail IPO Anchor Investors Details
| Bid Date | August 29, 2024 |
| Shares Offered | 6,429,372 |
| Anchor Portion Size (In Cr.) | 250.10 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 4, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 3, 2024 |
Company & Financials
Incorporated in June 2013, Bazaar Style Retail Limited is a fashion retailer in West Bengal and Odisha. The company offers apparel for men, women, boys, girls, and infants and general merchandise such as non-apparel and home furnishing. The company focuses on providing a family-oriented shopping experience, offering quality products and striving to offer every Indian stylish merchandise at an affordable price. As of March 31, 2024, the stores averaged 9,046 square feet and were staffed by trained employees to enhance customer experience. The company operates in Odisha, Bihar, Assam, Jharkhand, Andhra Pradesh, Uttar Pradesh, Tripura and Chhattisgarh. As of March 31, 2024, the company has expanded across 9 states and operates 162 stores. As of March 31, 2024, The company had an in-house marketing team of 13 personnel.
Baazar Style Retail Limited Financial Information
| Period Ended | 31 Mar 2024 | |||||||||||||||||||||||||||||||||||||||
| Assets | 1,165.97 | |||||||||||||||||||||||||||||||||||||||
| Revenue | 982.83 | |||||||||||||||||||||||||||||||||||||||
| Profit After Tax | 21.94 | |||||||||||||||||||||||||||||||||||||||
| Net Worth | 212.56 | |||||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 180.2 | |||||||||||||||||||||||||||||||||||||||
| Total Borrowing | 178.23 | |||||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 10.74% |
| ROCE | 18.39% |
| Debt/Equity | 0.76 |
| RoNW | 10.32% |
| P/BV | 12.78 |
| PAT Margin (%) | 2.23 |
Objectives of Baazar Style Retail IPO
The company proposes to utilize the Net Proceeds towards funding the following objectives:
- 1. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company.
- 2. General corporate purposes.
Baazar Style Retail IPO Review
The company is emerging fashion retailer in north eastern region with 162 stores. After suffering a setback for FY22 following the Pandemic, it marked growth in its top and bottom lines with improved margins as it is following efficient cost control modes for its operations. Based on FY24 earnings, the issue appears exorbitantly priced. There is no harm in skipping this pricey bet.
FAQs for Baazar Style Retail IPO
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What is Baazar Style Retail IPO?
Baazar Style Retail IPO is a main-board IPO. The company is going to raise ₹7000 Crores via IPO. The issue is priced at ₹[.] to ₹[.] per equity share. The IPO is to be listed on BSE & NSE.
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When Baazar Style Retail IPO will open for subscription?
The IPO is to open on August 30, 2024 for QIB, NII, and Retail Investors. The IPO will close on August 29, 2024.
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What is Baazar Style Retail IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15% and Retail is 35%.
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What is Baazar Style Retail Issue Size?
Baazar Style Retail issue size is ₹7000 crores
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What is the Baazar Style Retail IPO Price Band?
Baazar Style Retail IPO Price Band is ₹370 to ₹389.
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What is Baazar Style Retail IPO Lot Size?
The minimum bid is 38 Shares with ₹14,782 amount
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What is the Baazar Style Retail IPO Allotment Date?
Baazar Style Retail IPO allotment date is September 4, 2024.
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What is the Baazar Style Retail IPO Listing Date?
Baazar Style Retail IPO listing date is September 6, 2024. The IPO is to be listed on BSE and NSE.
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What is the current GMP of Baazar Style Retail?
The current GMP of Baazar Style Retail is 45.0 (12%).
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RHP:
RHP of Baazar Style Retail Limited IPO.
DRHP:
DRHP of Baazar Style Retail Limited IPO.
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What is Baazar Style Retail IPO?
Baazar Style Retail IPO is a main-board IPO. The company is going to raise ₹7000 Crores via IPO. The issue is priced at ₹[.] to ₹[.] per equity share. The IPO is to be listed on BSE & NSE.
-
When Baazar Style Retail IPO will open for subscription?
The IPO is to open on August 30, 2024 for QIB, NII, and Retail Investors. The IPO will close on August 29, 2024.
-
What is Baazar Style Retail IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15% and Retail is 35%.
-
What is Baazar Style Retail Issue Size?
Baazar Style Retail issue size is ₹7000 crores
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What is the Baazar Style Retail IPO Price Band?
Baazar Style Retail IPO Price Band is ₹370 to ₹389.
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What is Baazar Style Retail IPO Lot Size?
The minimum bid is 38 Shares with ₹14,782 amount
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What is the Baazar Style Retail IPO Allotment Date?
Baazar Style Retail IPO allotment date is September 4, 2024.
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What is the Baazar Style Retail IPO Listing Date?
Baazar Style Retail IPO listing date is September 6, 2024. The IPO is to be listed on BSE and NSE.
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What is the current GMP of Baazar Style Retail?
The current GMP of Baazar Style Retail is 45.0 (12%). .
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