Baazar Style Retail IPO subscribed 4.64 times on day 2, NIIs lead

Incorporated in June 2013, Baazar Style Retail is a fashion retailer operating predominantly in West Bengal and Odisha.

Baazar Style Retail's initial public offering (IPO) was subscribed 4.64 times on its second day of subscription with investors submitting bids for 6.97 crore shares, against the 1.5 crore shares offered. Non-institutional investors (NIIs) showed maximum interest, with their portion of the IPO being subscribed 11.62 times.

Retail investors subscribed 3.75 times their allocated quota and the Qualified Institutional Buyers (QIB) category saw a subscription rate of 0.84 times. The employee portion saw a subscription rate of 20.48 times.

The public issue opened for subscription on August 30.

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The Rs 834.68 crore IPO comprises a fresh issue of 38 lakh shares worth Rs 148 crore and an offer for sale of 1.77 crore shares totalling Rs 686.7 crore. The price band for the IPO is set between Rs 370 and Rs 389 per share.

The IPO will finalise allotments on September 4 and is scheduled to list on the BSE and NSE on September 6. Axis Capital Ltd, Intensive Fiscal Services Pvt Ltd, and JM Financial Ltd are the book-running lead managers for the issue and Link Intime India Pvt Ltd serves as the registrar.

Also Read | Jhunjhunwala-backed Baazar Style Retail IPO sees 0.72 times subscription on day 1, retail book bought 0.66x

Incorporated in June 2013, Baazar Style Retail is a fashion retailer operating predominantly in West Bengal and Odisha. The company offers a wide range of apparel for all ages as well as general merchandise including home furnishings.

The funds raised through the IPO will be used primarily to prepay or repay certain outstanding borrowings and for general corporate purposes. Earlier, the IPO had secured Rs 250.1 crore from anchor investors on August 29.

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