In a pre-IPO (initial public offering) round, Volrado Ventures Partners Fund II, a venture capital fund, provided Rs. 37 crore to Baazar Style Retail Ltd. As a result, the fresh issue size of the soon-to-be IPO business was lowered from Rs. 185 crore to Rs. 148 crore.
According to the draft red herring prospectus (DRHP), the Kolkata-based company’s maiden public offering also includes an Offer-For-Sale (OFS) component of up to 1.68 crore shares by promoter group entities and other selling shareholders.
In West Bengal and Odisha, Bazaar Style Retail is one of the top companies in the value retail sector. Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh are among its other key and target markets. 153 outlets belonged to the company as of 31st December 2023.
In the fiscal year 2023, Baazar Style Retail recorded a profit of Rs. 5.10 crore. The previous year it recorded a net loss of Rs. 8.01 crore. Its operational income rose to Rs. 787.90 crore in the fiscal year 2023 from Rs. 551.12 crore the year before.
