Bazaar Style Retail initial public offerings (IPO), which opened for subscription on August 30, was oversubscribed 4.64 times, with investors bidding for 6.97 crore shares compared to the 1.5 crore shares available.
Non-institutional investors (NIIs) demonstrated the highest interest, subscribing 11.62 times their allotted portion of the IPO. Retail investors subscribed 3.75 times their designated quota, while the Qualified Institutional Buyers (QIB) category saw a subscription rate of 0.84 times. The employee portion was particularly notable, with a subscription rate of 20.48 times.
A day prior to its issue opening, Baazar Style Retail Ltd secured ₹250.10 crores from anchor investors. The anchor investors included HSBC Global Investment Funds, Natixis International Funds, Optimix Wholesale Global Emerging Markets Share Trust, Allianz Global Investors Fund, Societe Generale, HDFC Mutual Fund, Ashoka India Equity Investment Trust Plc, Whiteoak Capital, Volrado Venture Partners Fund, Bandhan Mutual Fund, Motilal Oswal Mutual Fund, Bajaj Allianz Life Insurance Company, SBI General Insurance Company, Helios Flexi Cap Fund, Trust Mutual Fund, Julius Baer India Equity Fund, Reliance General Insurance Company, and Verition Multi-Strategy Master Fund.
Bazaar Style Retail IPO GMP today
The grey market price for Baazar Style Retail IPO has fallen to + ₹63 today from ₹85 a day before, meaning the shares are trading at a ₹63 premium in the grey market, according to investorgain.com.
Given the upper end of the IPO price range and the current grey market premium, the estimated listing price for Baazar Style Retail shares is projected to be ₹452 each, reflecting a 16.2% increase over the IPO price of ₹389.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Bazaar Style Retail IPO details
The IPO includes a new issuance of ₹148 crore, along with an offer from current shareholders and promoters to sell up to 17.65 million shares. The offer for sale (OFS) is valued at ₹687 crore at the upper band price, bringing the total issue amount to ₹834.68 crore.
The company intends to use the raised funds to prepay or repay part or all of its outstanding loans and for general corporate purposes.
The book running lead managers for the Baazar Style Retail IPO are Axis Capital Ltd, Intensive Fiscal Services Private Ltd, and JM Financial Ltd. The registrar for the issue is Link Intime India Private Ltd.
Founded in June 2013, Bazaar Style Retail Ltd is a fashion retailer based in West Bengal and Odisha. The company provides a diverse selection of clothing for all genders and age groups, as well as essential household items and non-apparel products.