Style Baazar’s parent company Baazar Style Retail raises Rs 250 crore, opens IPO for public subscription

Style Baazar’s parent company Baazar Style Retail raised Rs 250.1 crore from anchor investors by allotting 64.29 lakh equity shares to 28 funds, priced at Rs 389 per equity share. The business then launched its initial public offering for public subscription on August 30.

The business collected the investment a day before its IPO went live, the Press Trust of India reported. Baazar Style Retail’s anchor investors included Volrado Venture Partners Fund IV Gamma, Ashoka India Equity Investment Trust Plc, Allianz Global Investors Fund, Al Mehwar Commercial Investments LLC, HSBC Global Investment Funds, HDFC Mutual Fund, HSBC Mutual Fund, and Bandhan Mutual Fund among others.
 
The business’ IPO closes on September 3 and the price band has been fixed at between Rs 370 and Rs 389 per share. The IPO includes a fresh issue of equity shares worth Rs 148 crore as well as an offer for sale which is valued Rs 687 crore at the upper end of its price band. Investors selling off shares include promoter group entities and other shareholders wanting to reduce their stake in Baazar Style Retail such as Intensive Softshare Private Limited.
 
The business’ IPO is valued at Rs 835 crore at the upper and of the price band of Rs 389 per share. Funds raised as part of the fresh issue of equity shares will be utilises to pay of the business’ debts and for general corporate purposes.