Style Baazar’s Baazar Style Retail raises Rs 37 crore before IPO

Apparel and lifestyle retail chain Style Baazar’s parent company Baazar Style Retail has raised Rs 37 crore from venture capital fund Volrado Ventures Partners Fund II in a pre-initial public offering funding round.

Following the investment, Baazar Style Retail has reduced its IPO’s fresh issue size from its initial figure of Rs 185 crore to Rs 148 crore, India Retailing reported. The business has privately placed 9.56 lakh equity shares with Volrado Ventures Partners Fund II with an issue price of Rs 387 per share which adds up to Rs 37 crore.
 
The business will also include an offer for sale in its upcoming IPO which will feature up to 1.68 crore shares to be sold off by promoter group entities as well as other shareholders looking to reduce their stakes in the company, according to its draft red herring prospectus. For the offer for sale portion of the IPO, Rekha Rakesh Jhunjhunwala plans to offload 27.23 lakh equity shares and Intensive Softshare Private Limited plans to sell 22.4 crore shares. On top of this, Intensive Finance Private Limited plans to sell 14.87 lakh shares in the business.
 
During the IPO, eligible employees will be able to reserve a subscription. Style Baazar counts over 150 brick-and-mortar stores across India and reported a profit of Rs 5.1 crore in the 2023 financial year.