Ahmedabad: Baazar Style Retail Limited, has fixed the price band of Rs 370/- to Rs 389/- per Equity Share of face value Rs 5/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, August 30, 2024, for subscription and close on Tuesday, September 03, 2024. Investors can bid for a minimum of 38 Equity Shares and in multiples of 38 Equity Shares thereafter. A Discount of 35 per Equity Share is being offered to Eligible Employees, the company annonced on Tuesday.

The company also stated that, the IPO consists of fresh issue of up to Rs 148 crore and an offer for sale (OFS) of up to 1,76,52,320 equity shares by Promoter Group Selling Shareholders and Investor Selling Shareholders. The proceeds from the fresh issue, to the extent of Rs 146 crore for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company; and general corporate purposes.

Earlier, this month, Baazar Style Retail Limited had undertaken a private placement of 9,56,072 equity shares to Volrado Ventures Partners Fund II at an issue price of Rs 387 per equity share (including a premium of Rs 382 per equity share) aggregating to Rs 37 crore. Accordingly, the fresh issue is reduced.

Axis Capital Limited, Intensive Fiscal Services Private Limited, and JM Financial Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.