Baazar Style Retail files for an IPO

Baazar Style Retail, a value retail company backed by Rekha Rakesh Jhunjhunwala has filed for an IPO with SEBI.

The IPO is likely to consist of a fresh issue worth Rs. 185 cr and an Offer-for-Sale (OFS) of Rs. 1.68 cr tentatively.  The book-running lead managers for the IPO are Axis Capital, Intensive Fiscal Services and JM Financial.

With this IPO, many investors are looking for exit including Rekha Rakesh Jhunjhunwala, Intensive Softshare, Intensive Finance, Chandurkar Investments, Subroto Trading & Finance Company, Rajnish Gupta, Madhu Surana, Sabita Agarwal, Rekha Kedia, Shakuntala Devi,  and D.K Surana HUF.

Rekha Rakesh Jhunjhunwala, wife of the late Rakesh Jhunjhunwala was the nominee and received these shares after his demise. 

The company would use the proceeds from the IPO to repay or prepay borrowings and look after general corporate purposes. 

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