Baazar style retail IPO: Sale of shares of Baazar Style Retail through an initial public offering (IPO) traded 1.71 times on the second day of trading, National Stock Exchange data showed. Baazar Style Retail is selling shares in a price band of Rs 370-389 per share and the company plans to raise Rs 834.68 crore. IPO It consists of a fresh issue of Rs 148 crore and an offer for sale worth Rs 686.68 crore.
A retail investor can bid for a minimum lot of 38 shares and a maximum of 13 lots. One lot of Baazar Style Retail shares is priced at Rs 14,782 at the upper end of the price band.
He IPO It received a strong response from high net worth individuals who fall under the category of non-institutional investors as the portion reserved for them was accounted for 3.32 times. The portion reserved for retail investors was accounted for 1.78 times and the portion reserved for qualified institutional buyers (QIBs) was accounted for 0.70 times.
Baazar Style Retail Limited, established in June 2013, is a fashion retail chain operating in West Bengal and Odisha. The company offers apparel for men, women, boys, girls and babies as well as general merchandise such as non-textile items and home decor items.
The company focuses on providing a family-oriented shopping experience by offering quality products and striving to offer all stylish Indian merchandise at an affordable price.
Ahead of the opening of its issue on August 29, the Kolkata-based company successfully raised Rs 250.1 crore from 22 anchor investors, including prominent names like Societe Generale, Natixis International Funds, Volrado Venture Partners Fund, HSBC Global Investment Funds, Allianz Global Investors Fund, HDFC Mutual Fund, Whiteoak Capital, Ashoka India Equity Investment Trust Plc, Motilal Oswal Mutual Fund, Helios Flexi Cap Fund and Julius Baer India Equity Fund.
The operator of Style Baazar, which competes with V2 Retail and V-Mart Retail, plans to use the net proceeds from the new issue primarily for debt repayment and general corporate purposes.
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