The retail fashion brand, Baazar Style Retail lists at a par on the bourses. The shares of the company listed at ₹389 on BSE and NSE, at the upper end of the price band.
The Rekha Jhunjhunwala-backed company was opened for subscription from August 30 to September 3 and had initial share sale at the price band of ₹370-389 per share.
As per the BSE website, the IPO of Baazar Style Retail was subscribed 40.63 times with investors applied for 61.07 crore shares against the 1.5 crore shares available on offer. The retail portion of the IPO saw 9.07 times subscription while non-institutional investors’ portion received 59.41 times subscription. The QIB portion received the highest demand and was booked 81.83 times.
The ₹834.68 crore IPO comprises fresh issue of equity shares worth ₹148 crore and an offer-for-sale (OFS) of 1.76 crore shares aggregating to ₹687 crore.
The company aims to use the net proceeds from fresh issue towards repay/prepay of all or part of the current borrowings and for other general corporate purposes.
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