Baazar Style Retail IPO Day 2: Public Issue Subscribed 4.64 Times; NII Portion Subscribed 11.62 Times

The Baazar Style Retail public issue or Initial Public Offering which began on August 30 on the second day of bidding on Monday (September 2) was subscribed by  4.64 times.

The price band of the IPO is set between Rs 370 to Rs 389 per share. The public issue of the company opened for subscription on August 30, 2024, and is set to close on September 3, 2024.

On the second day of bidding, the IPO received bids of 6,97,01,728 shares against the offered 1,50,30,116 equity shares.

Detail of the IPO

Employee Portion: The employee portion of the IPO received a subscription rate of 20.48 times.

Non-Institutional Investors (NII) Portion: The NII portion on day 2 of bidding was subscribed 11.62 times.

Retail Portion: The retail portion of the issue was subscribed 11.62 times.

Qualified Institutional Buyer (QIB) Portion: The QIB portion received a subscription of 0.84 times on the second day.

Anchor investors

Before the opening of the public issue, Baazar Style Retail received Rs 250.10 crores from anchor investors. The anchor investors round involved a mix of both Foreign and Domestic Institutions participants.

Some of the notable players in the anchor round included HSBC Global Investment Funds, Natixis International Funds, Optimix Wholesale Global Emerging Markets Share Trust, Allianz Global Investors Fund, and Societe Generale, HDFC Mutual Fund, Ashoka India Equity Investment Trust Plc, Whiteoak Capital, Volrado Venture Partners Fund, Bandhan Mutual Fund, Motilal Oswal Mutual Fund, Bajaj Allianz Life Insurance Company, SBI General Insurance Company, Helios Flexi Cap Fund, Trust Mutual Fund, Julius Baer India Equity Fund, Reliance General Insurance Company, and Verition Multi-Strategy Master Fund. 

Book leading managers and Listing

The book-running lead managers Axis Capital Limited, Intensive Fiscal Services Private Limited, and JM Financial Limited, and Link Intime India Private Limited are the registrars to the offer.

The equity shares of the company are proposed to be listed on BSE and NSE.

About the company

The company was incorporated in 2013, and as per the The Technopak Report, it has market share of 3.03 per cent and 2.22 per cent, respectively in organised value retail markets in the states of West Bengal and Odisha.