Baazar Style Retail IPO Closes Today

3 Sep 2024 , 01:10 PM

Baazar Style Retail Ltd’s IPO opened for subscription on August 30, 2024 and is closing today on September 3, 2024. The IPO is priced between ₹370 and ₹389 per share.

At the time of writing on September 3, 2024 at 12:57 pm, Baazar Style Retail Ltd’s IPO has received 2.25% overall subscription. Non-institutional investors subscribed 4.33 times their portion; retail investors subscribed 2.19 times.

The IPO, totaling ₹835 crore, includes a fresh issue of equity shares worth ₹148 crore and an offer for sale (OFS) of up to 1.76 crore shares valued at ₹687 crore at the upper price band.

The OFS includes stakes from Rekha Jhunjhunwala, Intensive Softshare Pvt Ltd, and Intensive Finance Pvt Ltd. Proceeds from the fresh issue will be used for debt repayment (₹146 crore) and general corporate purposes.

Baazar Style Retail previously raised ₹37 crore from Volrado Ventures Partners Fund II in a pre-IPO placement, reducing the fresh issue size.

The company operates mainly in West Bengal and Odisha, with a presence in several other states. Investors can bid for a minimum of 38 shares per lot, with additional shares in multiples of 38. For FY24, the company’s consolidated revenue was ₹972.88 crore, and profit after tax was ₹21.94 crore.