Baazar Style Retail IPO Day 1: Moderately Subscribed At 0.72x, Employee Portion Subscribed By 6.01x

Baazar Style Retail Limited's Initial Public Offering (IPO) kicked off on Friday (August 29). On the first day of bidding, the company received a moderate response, securing a subscription rate of 0.72 per cent.

The public issue is open for subscription from August 30, 2024, and is scheduled to close on September 3, 2024.

The issue received a total of 1,08,27,796 bids against the 1,50,30,116 equity shares available in the market.

Price Band

The shares of the company are being offered at a price range between Rs 370 and Rs 389 per share.

Breakdown of the IPO details

The Employee Portion emerged as the most sought-after, with an oversubscription of 6.01 times.

The Retail Investor Portion followed, being subscribed 0.82 times, while the Non-Institutional Investors (NII) Portion lagged with a 0.47 times subscription rate.

The Qualified Institutional Buyer (QIB) Portion saw a 0.70 times subscription.

Anchor Investors

On the eve of its public issue, the company had raised RS 250 crores from anchor investors.

Furthermore, a mix of both foreign and domestic institutions participated, including names like Societe Generale, Julius Baer, HDFC MF, Whiteoak MF, HSBC Global, Volrado Ventures, and Allianz Global.

About the company

The company incorporated in 2013, operates across 162 stores across 146 cities as of the financial year 2024. Similarly, the company also owns a significant market share in the organised value retail market, especially in Odisha and West Bengal of 2.22 per cent and 3.03 per cent respectively.

In addition, the overall lifestyle and home value retail market has shown a Compound Annual Growth Rate (CAGR) of approximately 19.3 per cent over the same period.

In the fiscal year 2024, the company posted a consolidated revenue from operation of Rs 972.88 crore. The Profit After Tax (PAT) of the company stood at Rs 21.94 crore.