Indian stock market icon Rakesh Jhunjhunwala may no longer be with us, but his legacy continues to inspire those looking to make fortunes in the share market. A significant contributor to India’s newest airline, Akasa Air, he witnessed the launch of its first flight service on August 7, 2022, just a week before he passed away on August 14, 2022. In his absence, his wife, Rekha Jhunjhunwala, has been tirelessly working to expand his empire, and now, a company she has helped establish is preparing to launch its Initial Public Offering (IPO).
Upcoming IPO of Baazar Style Retail Ltd
Baazar Style Retail Ltd, a fashion retail chain, is set to launch its IPO on August 30. This IPO will include new shares as well as existing shares being offered for sale by current shareholders.
IPO Pricing and Details
The Baazar Style IPO will close on September 3, with the price band for the shares fixed between ₹370 and ₹389 each. The total IPO size is expected to be approximately ₹835 crores.
| IPO Component | Amount (in ₹ Crores) |
|---|---|
| New Shares Issued | 148 |
| Offer for Sale | 687 |
| Total IPO Size | 835 |
Shareholders and Stake Offerings
As per company announcements, a total of ₹148 crores will be raised through new shares, while approximately ₹687 crores will come from the sale of around 1.76 crore shares offered by current stakeholders. Notable among them are Rekha Jhunjhunwala, Intensive Software, Intensive Finance, and several others.
Utilization of Funds Raised from IPO
The funds raised through this IPO will be directed towards various essential purposes. Some ₹146 crores will go towards repaying debt, while the remaining amount will be allocated for general corporate purposes and business expansion. Just this month, Baazar Style Retail secured ₹37 crores from Volrado Ventures Partners Fund II prior to the IPO, leading to a slight reduction in the IPO size.
Business Operation Areas
Baazar Style Retail primarily operates in key Indian states including Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh. For interested investors, a minimum bid of 38 shares must be submitted for one lot in the IPO.
With Rekha Jhunjhunwala at the helm, Baazar Style Retail Ltd is poised not only to honor Rakesh Jhunjhunwala’s legacy but also to carve out its own niche in the competitive retail market.
