Baazar Style Retail IPO Subscribed 0.72x on Opening Day

Baazar Style Retail Limited’s IPO opened for subscription on August 30, 2024 and will close on September 3, 2024. Baazar Style Retail IPO is a book-built issue of ₹834.68 crore. It is a combination of a fresh issue of 3,804,627 shares aggregating to ₹148 crore and an offer for sale of 17,652,320 shares of ₹5 aggregating to ₹686.68 crore.

The price band for Baazar Style Retail IPO is set between ₹370 and ₹389 per share. The minimum lot size is 38 shares. Retail investors must invest at least ₹14,782.

Baazar Style Retail Limited has appointed Intensive Fiscal Services Private Limited, Jm Financial Limited and Axis Capital Limited as the book-running lead managers, while Link Intime India Private Limited is the registrar for the issue.

The company would use the net proceeds towards the funding of the following objects:

• For the prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company.
• General corporate purposes.

Day Wise Subscription

On Day 1 of subscription, August 30, 2024, the IPO was subscribed to 0.72x. QIBs subscribed 0.70x, NIIs subscribed 0.47x, and retail investors subscribed 0.82x.

Grey Market Premium

Baazar Style Retail Limited IPO’s last GMP was ₹126. With a price band of ₹389.00, the IPO’s estimated listing price is ₹515 (cap price + today’s GMP). The expected percentage gain/loss per share is 32.39%.

About Baazar Style Retail Limited

Bazaar Style Retail Limited is a fashion retailer active in West Bengal and Odisha. The company offers a range of apparel for men, women, boys, girls, and infants, as well as general merchandise, including non-apparel items and home furnishings.

As of March 31, 2024, the company has 162 stores with an average store size of 9,046 square feet. Bazaar Style Retail operates across Odisha, Bihar, Assam, Jharkhand, Andhra Pradesh, Uttar Pradesh, Tripura, and Chhattisgarh.

In FY 2024, the company’s revenue from operations was ₹9,728.82 million, and the gross profit was ₹3,260.25 million.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.