Baazar Style Retail IPO Day 3: Issue subscribed 9.31 times so far, NIIs lead; check allotment date and more

The initial public offering (IPO) of Baazar Style Retail, a value fashion retailer, has received a good response from investors. The issue has been subscribed 9.31 times so far on Tuesday, the final day of bidding.

According to the consolidated data on the National Stock Exchange's website, the public offer received bids for 13,99,31,808 shares against 1,50,30,116 equity shares on offer.

Prior to the IPO, the company had raised ₹250 crore in the anchor round.

The ₹835-crore issue, which went live on August 30, will conclude on September 3. The price range was fixed at ₹370-₹389 apiece.

The public offer is a fresh issuance of ₹148 crore and an offer-for-sale (OFS) of ₹687 crore by promoter group firms and other selling shareholders.

Under the OFS, Rekha Jhunjhunwala, Intensive Softshare and Intensive Finance will sell their part stakes.

The money generated will be used to repay borrowings and for general corporate purposes.

Baazar Style Retail IPO timeline

• Bidding period: August 30 to September 3
• Allotment finalisation: September 4
• Refund initiation: September 5
• Demat transfer: September 5
• Listing: September 6

About Baazar Style Retail

Established in 2013, Baazar Style Retail is a value fashion retailer. It operates mainly in West Bengal and Odisha. Its other core and focus markets include Andhra Pradesh, Jharkhand, Bihar, Assam, Uttar Pradesh, Chhattisgarh and Tripura.

In its apparel business, the firm offers garments for women, men, and children. Through its general merchandise vertical, it provides non-apparel and home furnishing products.

As of March 31, 2024, the company had 162 stores in over 140 cities under its brand name, Style Bazaar.

Baazar Style Retail: Financials

Intensive Fiscal Services, JM Financial and Axis Capital are the book-running lead managers to the issue.