Style Bazaar's parent company Bazaar Style Retail files draft IPO papers | Maqvi News

Value fashion retailer Style Bazaar’s parent company Bazaar Style Retail has filed its preliminary papers for its planned initial public offering with market regulator Sebi (the Securities and Exchange Board of India). 

Bazaar Style Retail’s plan to raise funds through an IPO will include a fresh issue of Rs 185 crore worth of equity shares, the Press Trust of India reported. The IPO will also feature an offer for sale of up to Rs 1.68 crore in shares. The shares in the offer for sale will be sold by the business’ promoter group entities as well as other shareholders wishing to divest themselves of shares, according to its Draft Red Herring Prospectus filed at Sebi. 
 
Bazaar Style Retail is also entertaining the idea of holding a funding round before its IPO, India Retailing reported. The business is considering raising Rs 37 crore in a pre-IPO placement round and, if this goes ahead, the fresh issue portion of the IPO will be reduced, according to its draft papers. 

The business aims to use funds from its fresh issue of shares to pay off debts as well as for general corporate purposes. The offer also encompasses a reservation for subscription by eligible employees at the business.