Baazar Style Retail Limited

LISTED

Mainboard IPO · IPO Guide

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Issue Price

₹370 – ₹389

Listed On

06 Sep 2024

Listing Price

₹389 (+0.00%)

Current Price LIVE

₹389 (+0.00%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail (Min)	1	38	₹14,782
Retail (Max)	13	494	₹1,92,166
S-HNI (Min)	14	532	₹2,06,948
S-HNI (Max)	67	2,546	₹9,90,394
B-HNI (Min)	68	2,584	₹10,05,176

Retail: ≤ ₹2L • S-HNI: ₹2L–₹10L • B-HNI: > ₹10L Cap Price: ₹389/sh

As per financials, Baazar Style Retail Limited has shown good growth, RoNW is 10.32% and P/E is NA, 569 and 132 respectively as per FY22, FY23, and FY24 earnings. So, issue looks aggressively priced. Company is in business of value retailing with 162 stores & 1.47 million square feet area, which is a very fragmented and competitive business segment. Performance of BRLM is good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

IPO GUIDE OFFICIAL RATING	Neutral
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As on Date	QIB	NII	RII	Employee	Total
Shares Offered / Reserved	42,86,248	32,14,686	75,00,934	28,248	1,50,30,116
Day 1 30-08-24	30,00,373 (0.70)	15,10,902 (0.47)	63,75,794 (0.85)	1,76,832 (6.26)	1,10,63,901 (0.73)
Day 2 02-09-24	36,20,944 (0.84)	3,73,58,712 (11.62)	2,81,43,674 (3.75)	5,78,398 (20.48)	6,97,01,728 (4.64)
Day 3 03-09-24	35,07,22,938 (81.83)	19,09,69,532 (59.41)	6,80,50,476 (9.07)	9,90,812 (35.08)	61,07,33,758 (40.63)

Open Date	Aug 30, 2024
Close Date	Sep 03, 2024
Allotment Date	Sep 05, 2024
Listing Date	Sep 06, 2024
Face Value	₹ 5 Per Equity Share
Issue Price	₹ 370 to ₹ 389 Per Equity Share
Issue Size	Total Equity Shares of 2,14,56,947 with aggregating up to Rs 834.68/- Cr Fresh Issue of Up to 38,04,627 with aggregating up to Rs 148/- Cr Offer for sale Up to 1,76,52,320 with aggregating up to Rs 686.68/- Cr
Retail Min Lot	1 Lot (38 Shares - ₹ 14,782)
Retail Max Lot	13 Lots (494 Shares - ₹ 1,92,166)
S-HNI Min Lot	14 Lots (532 Shares - ₹ 2,06,948)
S-HNI Max Lot	67 Lots (2,546 Shares - ₹ 9,90,394)
B-HNI Min Lot	68 Lots (2,584 Shares - ₹ 10,05,176)
Allocation	QIB: 50% \| NII: 15% \| RII: 35%
Promoter Shareholding	55.03% (Pre-Issue) 46.49% (Post-Issue)
Registrar	Link Intime India Private Limited
Lead Manager	Axis Capital Limited, Intensive Fiscal Services Private Limited, JM Financial Limited

As per financial performance, Baazar Style Retail Limited has posted total income / net profits of Rs 561.14 Cr / Rs (8.01) Cr (FY22), Rs 794.39 Cr / 5.10 Cr (FY23) and Rs 982.83 Cr / Rs 21.94 Cr (FY24). So as per previous financials data, company has shown good growth. But inventory is very high and around 44% of FY24 total income. Company has an average EPS of Rs 1.61 and average RoNW of 5.11% for last three fiscals. Issue is priced at a P/BV of 12.78 as per NAV of Rs 30.43/- as on 31.03.24. If we attribute latest earnings of FY22, FY23, and FY24, then asking price is at a P/E of around NA, 569, and 132 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, three lead managers are associated with this IPO, and have handled around 81 IPOs in last three fiscals. JM Financial Limited: This is 41st IPO from this BRLM. From last 10 IPOs, two opened below issue price and remaining above issue price or at par on the day of listing. As of now, from last 10 IPOs, all are trading above issue price. (As on 13.08.24) Axis Capital Limited: This is 39th IPO from this BRLM. From last 10 IPOs, one opened below issue price and remaining opened above issue price on the day of listing. As of now, from last 10 IPOs, two are trading below issue price and remaining are trading above issue price. (As on 27.08.24) Intensive Fiscal Services Private Limited: This is 4th IPO from this BRLM. From last 3 IPOs, one opened below issue price and remaining opened above issue price on the day of listing. As of now, from last 3 IPOs, one is trading below issue price and remaining are trading above issue price. (As on 27.08.24) As per financials, Baazar Style Retail Limited has shown good growth, RoNW is 10.32% and P/E is NA, 569 and 132 respectively as per FY22, FY23, and FY24 earnings. So, issue looks aggressively priced. Company is in business of value retailing with 162 stores & 1.47 million square feet area, which is a very fragmented and competitive business segment. Performance of BRLM is good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

💬 Community Discussion

45 Comments

I
IPO Guide 11 Sep 2024, 12:46

One should keep away from such companies and not try to buy at lower level as high valuation may cause sharp falls when market trend changes.
N
NJT 06 Sep 2024, 09:46

bhav to bhav
A
akhil 05 Sep 2024, 22:54

bhut bdi game baj h
A
akhil 05 Sep 2024, 22:53

hu bilkul jiska.ipo.h vo profit nhi degi
I
IPO Guide 05 Sep 2024, 18:07

market trend suggest 5-15% listing gains
A
Abhijit 05 Sep 2024, 16:57

allotment out
A
Atulkumar Thakkar 05 Sep 2024, 10:32

ipo guru ?
A
Atulkumar Thakkar 05 Sep 2024, 10:32

listing me profit milega
R
Raj Gohil 05 Sep 2024, 10:10

gmp
U
umesh karena 05 Sep 2024, 09:29

0/1 kotak
R
Rahul 05 Sep 2024, 08:53

0
A
akhil 05 Sep 2024, 07:25

rejalt gnda aya h bhut 9mese1tha kmal.h
K
Kamlesh 05 Sep 2024, 07:01

he Prabhu 0
S
SAVAN 05 Sep 2024, 00:32

0/5
S
Shubham shah 04 Sep 2024, 23:36

0l8
V
VIVEK THAKAR 04 Sep 2024, 23:34

0/1
V
VIVEK THAKAR 04 Sep 2024, 23:32

amount debit vala message batai e
N
Nil 04 Sep 2024, 23:32

allotment out
V
VIVEK THAKAR 04 Sep 2024, 23:32

allotment Aya Sanjay bhai
N
Nil 04 Sep 2024, 23:31

0/4
A
akhil 04 Sep 2024, 22:40

yar ye juth bolte h bhut
V
Vicky 04 Sep 2024, 22:39

kispe aaya hai
S
sanjay 04 Sep 2024, 22:38

allotment 1/1
S
sanjay 04 Sep 2024, 22:38

1/1
K
Kamlesh 04 Sep 2024, 13:16

ECOSMOBLTY 30%
H
hardik 04 Sep 2024, 11:07

ecos me
H
hardik 04 Sep 2024, 09:49

only 2.5k profit huaa
H
hardik 04 Sep 2024, 09:48

lo
I
IPO Guide 03 Sep 2024, 11:53

@all, risky ipo as valuations look at very higher side (similar as DMart), so only for risk taking investors. We have no specific view for this IPO.
K
Kamlesh 03 Sep 2024, 11:16

apply or not? more confusion pls suggest
B
Bharatkumar 03 Sep 2024, 11:13

apply kare kya ya na
N
Nilesh 02 Sep 2024, 21:09

may we apply or not ?
A
Anilbhai 02 Sep 2024, 20:57

one May apply for Listing Gain, Apply with caution
A
Anilbhai 02 Sep 2024, 20:55

PE is very high so very bad for Long term and short term
S
sudhir 02 Sep 2024, 17:14

apply kare kya?
N
Naveen Kumar 02 Sep 2024, 14:56

ipo guru, your mandate in this regard..
Y
Yogesh Dabir 02 Sep 2024, 14:19

apply
V
vivek sharma 02 Sep 2024, 12:11

sir ji please guide apply or not
P
Prajapati Hardik 02 Sep 2024, 00:21

hi
K
Kushal Vora 31 Aug 2024, 22:34

@admin, apply or not?
H
hardik 31 Aug 2024, 17:57

apply
G
gehe 31 Aug 2024, 11:37

apply???
.
... 31 Aug 2024, 09:58

apply??
I
IPO Guide 30 Aug 2024, 14:42

it comes normally after 10 am
K
krunal bekawala 30 Aug 2024, 08:54

wifi simbol nathi

Period	Total Income	Total Expenses	Profit After Tax (PAT)
FY24	982.83	953.61	21.94
FY23	794.39	788.98	5.10
FY22	561.14	571.19	(8.01)

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Baazar Style Retail Limited Current	12.78	132	10.32%	983
V-Mart Retail Limited	9.73	-	(12.1)%	2,893
V2 Retail Limited	15.1	108	10.5%	1,316

Baazar Style Retail Limited

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