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The Baazar Style Retail Limited's public issue or Initial Public Offering (IPO) which kicked off on August 30 on the final day of subscription or Day 3 bidding on September 3 (Monday) saw the issue being subscribed a staggering 40.63 times.
The issue received bids of 61,07,16,050 shares against the offered 1,50,30,116 equity shares. The price band of the IPO was set between Rs 370 to Rs 389.
Subscription Breakdown
The demand varied across different investor segments:
Qualified Institutional Buyers (QIBs): This segment led the charge with a subscription rate of 81.83 times.
Non-Institutional Investors (NIIs): This portion was subscribed 59.41 times on the final day of bidding.
Retail Investors: The retail participation portion was subscribed 9.07 times on Day 3.
Employee Portion: The segment reserved for employees was subscribed 35.07 times.
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Baazar Style Retail IPO Day 1: Moderately Subscribed At 0.72x, Employee Portion Subscribed By 6.01x |
Initial Day Performance
The IPO's journey began on a quieter note, with a subscription rate of just 0.72 per cebt on the first day. The total bids received were 1,08,27,796 shares against the 1,50,30,116 shares available.
However, the pace picked up on the second day, with 6,97,01,728 shares bid. The subscription rate on Day 2 was at 4.64 times.
Anchor Investors
Prior to the public offer, the company managed to secured Rs 250.10 crores from a diverse group of anchor investors.
This initial round included a mix of both both foreign and domestic institutional participants.
The equity shares of the company are proposed to be listed on BSE and NSE | Representative Image
Listing and Management
The company’s equity shares are set to be listed on both BSE and NSE.
The book-running lead managers for the IPO are Axis Capital Limited, Intensive Fiscal Services Private Limited, and JM Financial Limited, with Link Intime India Private Limited serving as the registrar.
About Baazar Style Retail Limited
Founded in 2013, the company operates with a 3.03 per cent market share in West Bengal and 2.22 per cent in Odisha’s organised value retail markets, according to The Technopak Report.
