Baazar Style Retail Raises Rs 250 Crore From Anchor Investors
HDFC Mutual Fund, Helios and Motilal Oswal were among the top fund houses in this category.
Baazar Style Retail Ltd. has raised Rs 250 crore from anchor investors on Thursday ahead of its initial public offering. The company, which operates Style Baazar, allotted 64.3 lakh shares at Rs 384 apiece to 28 anchor investors.
Volrado Venture Partners Fund IV Gamma, HSBC Global Investment Fund- Asia Ex Japan Small Equity Smaller Companies, Natixis International Funds (Lux) I- Loomis Sayles Global Emerging Markets Equity Fund, Allianz Global Investors Fund- Allianz Asian Small Cap Equity and Al Mehwar AR Commercial Investments LLC (Wanda) got the highest allocation of 7.17% each. Ashoka India Equity Investment Trust Plc got the second highest allotment of 5.17% and HSBC Flexi Cap Fund got a 5.08% stake in the company.
Eight domestic mutual funds have applied through 13 schemes, the Rekha Jhunjhunwala-backed firm said in an exchange filing on Thursday. They have collectively netted 35.41% of the anchor portion.
HDFC Mutual Fund, Helios and Motilal Oswal were among the top fund houses in this category.
Axis Capital, Intensive Fiscal Services, and JM Financial are the book-running lead managers to the issue.
The company will launch its initial public offering on Friday to raise up to Rs 834.7 crore. It has set a price band of Rs 370–389 per share for its three-day IPO, comprising a fresh issue of 38 lakh shares and an offer for sale of 1.77 crore shares. The minimum application lot size is 38 shares.
The offer, which concludes on Tuesday, is set to list on the BSE and the National Stock Exchange.
The company intends to use the net proceeds for prepayment or repayment of all or part of certain outstanding borrowings and general corporate purposes.
