Baazar Style Retail IPO Day 2: Issue subscribed 2.15 times so far, NIIs lead; key details here

Baazar Style Retail IPO: Rekha Jhunjhunwala-backed value fashion retailer Baazar Style Retail's initial public offering (IPO) was subscribed 2.15 times on Monday, September 2, the second day of bidding.

The initial share sale received bids for 3,22,54,096 equity shares against 1,50,30,116 shares on offer.

The part set aside for retail investors was booked 2.07 times the allotted quota, while the non-institutional investors (NIIs) portion got subscribed 4.15 times. The qualified institutional buyers (QIBs) category garnered 70% the subscription.

The company had mobilised ₹250 from anchor investors on August 29.

The ₹834.68-crore IPO is live from August 30 to September 8 with a price band of ₹370-₹389 per equity share.

The public offer is a fresh issue of shares worth ₹148 crore as well as an offer for sale (OFS) component of shares worth ₹687 crore.

Under the OFS, Rekha Jhunjhunwala, Intensive Softshare Private Limited and Intensive Finance Pvt Ltd, among others, will offload their part stakes.

The company will be using fresh issue proceeds to pay off debt and for general corporate purposes.

The IPO's book-running lead managers are Axis Capital, JM Financial and Intensive Fiscal Services.

About Baazar Style Retail

Baazar Style Retail Ltd is a key value retailer in Odisha and West Bengal. Its other core and focus markets include Bihar, Assam, Andhra Pradesh, Jharkhand, Chhattisgarh, Uttar Pradesh and Tripura.

The company's shares will be listed on the National Stock Exchange (NSE) and the BSE.