Rekha Jhunjhunwala-backed Baazar Style Retail Ltd.'s initial public offering opened for bidding for the final day on Tuesday. The IPO was subscribed 40.63 times on its second day, led by non-institutional investors. The company is looking to mop up funds worth Rs 834.7 crore. The IPO was subscribed 4.64 times on the second day, and 0.72 times or 72% on the first day. The IPO was subscribed 40.66 times on the final day.
The IPO comprises a fresh issue of 38 lakh shares, amounting to Rs 148 crore, and an offer for sale of 1.77 crore shares, aggregating to Rs 686.7 crore.
The company, which operates Style Baazar, raised Rs 250 crore from anchor investors a day ahead of its public offering, by allotting 64.3 lakh shares at Rs 384 apiece to 28 investors.
A price band of Rs 370–389 per share has been set for the three-day issue, which is set to close on Sept. 3. The market value at the upper end of the price band is Rs 2,903 crore.
The minimum lot size is 38 shares. Retail investors will need to invest a minimum of Rs 14,782. Small non-institutional investors and big non-institutional investors have minimum lot sizes of 14 lots and 68 lots, requiring investments of Rs 2.07 lakh and Rs 1.01 lakh, respectively.
Investors can expect the allotment of shares to be finalised on Sept. 4, with the listing on the BSE and the National Stock Exchange scheduled for Sept. 6.
Issue Details
Issue opens: Aug. 30.
Issue closes: Sept. 3.
Issue price: Rs 370–389 per share.
Total issue size: Rs 834.7 crore.
Fresh issue: Rs 148 crore.
Offer for sale: Rs 686.7 crore.
Bid lot: 38 shares.
Listing: BSE and NSE.
Business
Operating under the brand name Style Bazaar, the company is one of the leading players in the value retail market in West Bengal and Odisha. The company has market share of 3.03% and 2.22% in organised value retail markets in West Bengal and Odisha, respectively, it said in its prospectus.
Its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh. As of March 31, 2024, it operated 162 stores spread across over 1.47 million square feet located in 146 cities.
The company intends to use the net proceeds for prepayment or repayment of all or part of certain outstanding borrowings, and general corporate purposes.
Baazar Style Retail IPO: Subscription Status
The IPO has been subscribed 40.66 times as of 5:30 p.m. on Tuesday.
Institutional buyers: 81.83 times.
Non-institutional investors: 59.43 times.
Retail investors: 9.12 times.
Employee reserved: 35.36 times.
Watch The IPO Adda Here
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