Rekha Jhunjhunwala-backed Baazar Style Retail shares list flat on bourses
Baazar Style Retail debuted on the exchanges on Friday on a flat note at Rs 389 on BSE and NSE.
Ahead of the listing, the company's shares were trading with a GMP of 12% to the issue price.
The IPO of Baazar Style received a healthy response from investors with an overall subscription of nearly 41 times at close. The company proposes to use the net proceeds from the IPO for clearing borrowings and other general corporate purposes.
Kolkata-based Baazar Style Retail is a value fashion retailer with the largest retail footprint in Eastern India and leadership positions in West Bengal and Odisha in the organized value retail market.
As on March 31, 2024, the company has 162 stores spread across over 1.47 million square feet located in 146 cities operated under the brand name “Style Bazaar”.
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It has a market share of 3.03% and 2.22%, respectively, in the organized value retail market in the states of West Bengal and Odisha.
The company is backed by investors including Rekha Rakesh Jhunjhunwala, the wife of the Late Rakesh Jhunjhunwala, Kewal Kiran Clothing, Manohar Lal Agarwal, promoter of Haldiram Snacks among others.
«The Brand holds a strong understanding of customer preferences, allowing them to provide a wide range of affordable and cost-effective products, including private-label brands, which promotes customer loyalty. Backed by experienced promoters and a strong management team the company has
