Baazar Style Retail IPO Receives Strong Investor Response Ahead of Closing

The initial public offering (IPO) of Baazar Style Retail has garnered significant interest from investors, with the issue being oversubscribed 6.02 times as of Tuesday morning.

Currently, shares of Baazar Style Retail are trading at a grey market premium (GMP) of Rs 65, representing a 16.71 percent increase at the upper end of the IPO price which is Rs 389. A positive GMP typically indicates robust demand and investor confidence, suggesting the shares may list at a price higher than the issue price.

The subscription window for this three-day IPO, which commenced on August 30, 2024, is set to conclude today. The price band is set between Rs 370 and Rs 389, with a minimum lot size of 38 shares. Retail investors must bid for at least one lot, amounting to Rs 14,782.

The Baazar Style Retail IPO includes a fresh issue of 3,804,627 shares and an offer for sale from promoters and investors of 17,652,320 shares, each with a face value of Rs 5. The company already attracted Rs 64.43 crore from anchor investors a day prior to the opening of the issue.

According to the latest NSE data, the public offering has received bids for 8,50,04,784 shares against the 1,50,30,116 shares on offer. The retail category is subscribed 4.69 times, while the non-institutional investor (NII) category has seen an impressive subscription of 15.85 times. The qualified institutional buyer (QIB) category recorded a subscription rate of 0.85 times.

Various brokerages such as Geojit, Deven Choksey Research, and Swastika Investmart, are currently reviewing the Baazar Style Retail IPO, sharing insights regarding potential investment decisions.

The basis of allotment for the IPO is projected for September 4, 2024, with shares expected to be credited to Demat accounts the following day. Baazar Style Retail shares are anticipated to begin trading on the NSE and BSE on September 6, 2024.