Schedule of Baazar Style Retail
| Issue open date | 30 Aug 2024 |
| Issue close date | 03 Sep 2024 |
| UPI mandate deadline | 03 Sep 2024 (5 PM) |
| Allotment finalization | 04 Sep 2024 |
| Refund initiation | 05 Sep 2024 |
| Share credit | 05 Sep 2024 |
| Listing date | 06 Sep 2024 |
| Mandate end date | 18 Sep 2024 |
| Lock-in end date for anchor investors (50%) | 04 Oct 2024 |
| Lock-in end date for anchor investors (remaining) | 03 Dec 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Baazar Style Retail
Incorporated in 2013, Bazaar Style Retail is a value fashion retailer primarily based in the states of West Bengal and Odisha. The company’s product offerings are bifurcated under the apparel and general merchandise verticals. Within the apparel vertical, it offers garments for men, women, boys, girls, and infants, whereas its general merchandise offerings include both non-apparel and home furnishing products. A majority of its stores are operated under the brand name ‘Style Bazaar’.As of March 31, 2024, the company operated 162 stores spread across over 1.47 million square feet located across 9 states and in 146 cities.
Financials of Baazar Style Retail
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹834.68 crores |
| Fresh Issue | ₹148.00 crores |
| Offer for sale | ₹686.68 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Debt reduction | 146 (98.65%) |
| General corporate purposes | 2 (1.35%) |
Strengths
- One of the fastest growing value retailers in eastern India with a market share of 3.03% and 2.22% in the states of West Bengal and Odisha, respectively in the organized value retail market.
- The largest retail footprint in Eastern India when compared to the Listed Value Retailers in Fiscal 2024 as per The Technopak Report.
- Accelerated store expansion from 2 stores in FY14 to 162 Stores in FY24 at a CAGR of 55.18% through a cluster-based approach.
- The company has a cumulative customer base of 11.26 million customers as of March 31, 2024. Additionally, the majority of its revenue from operations is not attributed to top 10 customers.
- The company currently owns 10 private label brands contributing 37.93%, 31.43%, and 24.72% of its revenue from operations for the Fiscals 2024, 2023, and 2022.
- The company is backed by strong Promoters, and board members and its shareholders include investors such as Rekha Rakesh Jhunjhunwala, the wife of the Late Rakesh Jhunjhunwala and Manohar Lal Agarwal, promoter of Haldiram Snacks.
Risks
- The company’s stores are concentrated in the eastern parts of India with nearly 87% of revenue coming from that region.
- The fashion and retail industries are highly competitive. If the company does not respond to competition effectively, the results of operations may be adversely affected.
- The company follows a cluster-based expansion model which leads to a concentration of the business in a relatively small area.
- dependent on third parties for its logistics and transportation needs. Any disruptions in the same may adversely affect its business.
- Losses due to fraud, employee negligence, theft, or similar incidents may have an adverse impact.