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The shares of Baazar Style Retail IPO made its debut on the stock market today (September 6) opening flat at Rs 389 per share on both the headline indices, BSE and NSE, exactly matching the upper end of its issue price band.
Although the shares of the company opened on a flat note but gained momentum later in the trading session.
Flat Market Debut Amid High Expectations
Despite high expectations, the stock initially showed no premium over its IPO price. Market experts had anticipated a debut premium between 10 per cent to 16 per cent, setting a higher bar for its opening price.
However, the shares of the company soon gained momentum and rallied by 11 per cent, hitting an intra-day high of Rs 431 by the afternoon session.
At 12:29 pm IST, the shares of the company were trading at Rs 420.60, up by 8.12 per cent.
Intraday chart - NSE - Baazar Style Retail | NSE
About the Public Issue
Baazar Style Retail’s public issue received an overwhelming response during its subscription period, which ended on Tuesday, September 3. The Rs 834.68 crore public issue received an overall subscription rate of 40.63 times.
Subscription Breakdown
Qualified Institutional Buyers (QIBs): The segment for QIBs was subscribed 81.83 times.
Non-Institutional Investors (NII): NII subscribed 59.41 times their quota.
Retail Investors: Retail subscriptions were 9.07 times.
Employee Subscription: The portion reserved for employees has been subscribed 35.36 times.
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The Company Behind the IPO: Baazar Style Retail Ltd
Baazar Style Retail Ltd is a fashion retailer headquartered in Kolkata and was founded in 2013. The company has a strong presence in West Bengal and Odisha.
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Baazar Style Retail IPO Allotment: Everything You Need To Know About Verifying Your Shares & Upcoming Listing Details |
The company provides a wide variety of apparel for men, women, and children, along with household items and non-apparel products.
IPO Structure
The Baazar Style IPO consisted of a fresh issue worth Rs 148 crore and an offer for sale (OFS) where existing shareholders and promoters sold up to 17.65 million shares, amounting to Rs 687 crore at the higher price band.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
