Kolkata-based value fashion retailer, Baazar Style Retail, has raised ₹37 crore from institutional investors in a pre-IPO placement.

What Happened: The fresh issue size of Bazaar Style Retail has been reduced from ₹185 crore to ₹148 crore following this investment, as per a media advertisement in the Financial Express on Monday.

The private placement involved 9.56 lakh equity shares issued to Volrado Ventures Partners Fund II at an issue price of ₹387 per equity share, aggregating to ₹37 crore.

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According to the company’s draft listing prospectus filed in March, the public issue is a mix of a fresh issue of up to ₹185 crore and an offer of sale of up to ₹1.68 crore by the promoter group and other selling shareholders. The offer includes a reservation for subscriptions by eligible employees.

Rekha Jhunhunwala had 54.46 lakh shares, 7.8% stake in the company according to its prospectus. Jhunhunwala will be selling 27.23 lakh shares in the issue.

Since its inception in fiscal 2014, Baazar Style Retail Ltd has grown from two stores in one state to 153 stores spread across over 13.9 lakh square feet in 140 cities in 9 states.

The company has been the fastest-growing value retailer between 2017 to 2023, in terms of both store count and revenue from operations, according to a Technopak Report.

Axis Capital Limited, Intensive Fiscal Services Private Limited and JM Financial Limited are the book-running lead managers with Link Intime India Private Limited the registrar of the issue.

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