The maiden share sale of Rekha Jhunjhunwala-backed value fashion retailer Baazar Style Retail received bids for 61.11 crore shares, higher by 40.66 times against 1.5 crore shares on offer on September 3, the final day of bidding, according to NSE data.
Qualified institutional buyers were the biggest contributors, subscribing almost 81.83 times their allocated quota. Non-institutional investors, or high net-worth individuals followed with subscriptions amounting to 59.43 times the reserved portion. The retail investors portion was subscribed by 9.12 times, while the employees' portion saw a subscription of 35.36 times.
The issue had received 4.64 times subscription on Monday, the day two of bidding.
Under the OFS, Rekha Jhunjhunwala, Intensive Softshare Pvt Ltd and Intensive Finance Pvt Ltd, among others, will divest their part stakes.
Baazar Style Retail IPO GMP today price
The shares of Baazar Style Retail are trading at a premium of Rs 60 over the issue price in the unlisted market, as per multiple websites that track the grey market premium activities.
The price band for Rs 835-crore IPO has been fixed at Rs 370-389 per share.
Baazar Style Retail IPO allotment status will be declared by the company on Wednesday, September 4. The bidders may check their status on the official website of the registrar.
The shares of the mainboard issue will be listed on September 6.
The company is one of the leading players in the value retail market in West Bengal and Odisha. Additionally, its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh.
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