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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
Repaying or prepaying certain outstanding borrowings of the company.
General corporate purposes
The balance of the fresh issue proceeds after debt repayment, for general corporate purposes.
(₹ in Crore)
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Baazar Style Retail Limited is a value fashion retailer operating under the Style Bazaar, Express Bazaar and Mega Bazaar store formats, selling apparel for men, women, boys, girls and infants alongside general merchandise such as footwear, home furnishings and personal care products. The company positions itself as an affordable, mass-market retailer catering to price-conscious shoppers in smaller cities and towns. Incorporated in June 2013 and headquartered in Kolkata, the company built its base in West Bengal and Odisha before expanding further across Eastern India. As of March 2024 it operated around 162 stores across 9 states, making it one of the larger value-retail chains focused specifically on the eastern part of the country. Revenue and profitability both grew steadily over the three years leading up to the IPO, supported by continued store additions. The company describes itself as the fastest-growing value retailer in its comparison set over 2017-2024 by both store count and revenue, competing chiefly against other listed value-fashion chains such as V-Mart Retail and V2 Retail. Proceeds from the fresh issue were earmarked mainly for paring down borrowings to support further store expansion.
Ahead of the public issue, Baazar Style Retail allotted about 64.3 lakh shares to 23 anchor investors (via 28 application forms, including 8 domestic mutual funds across 13 schemes) at the issue price of Rs 389 per share, raising approximately Rs 250 crore through the anchor book.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Fast-growing regional value retailer
The company grew faster than its listed value-retail peers between 2017 and 2024, both in store count and revenue, in its core Eastern India markets.
Improving profitability trend
The company moved from a loss in FY22 to steadily rising profit through FY24, alongside a consistent rise in return on capital employed each year.
Established regional footprint
With around 162 stores across 9 states concentrated in West Bengal and Odisha, the company has built meaningful scale and brand recognition as a value retailer in Eastern India.
Thin net margins typical of value retail
Profit margins remain low as a percentage of revenue, leaving limited room to absorb cost increases or a slowdown in same-store sales.
Geographic concentration
The store base is concentrated in West Bengal and Odisha, so the business is more exposed to regional economic or consumption swings than a pan-India retailer.
Execution risk in store expansion
Continued growth depends on successfully opening and ramping up new stores in a competitive value-retail segment, where missteps in site selection or inventory management can hurt returns.
Baazar Style Retail Limited
P S Srijan Tech Park, DN-52, 12th Floor, Street Number 11, DN Block, Sector V, Salt Lake, North 24 Parganas, Kolkata - 700091, West Bengal, India
View on Maps →MUFG Intime India Private Limited
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