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Strong Demand for Bazaar Style Retail IPO on Day 2 of Subscription

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Bazaar Style Retail Ipo

The initial public offering (IPO) of Bazaar Style Retail is witnessing significant interest from investors on its second day of subscription. The IPO, which commenced on August 30, 2024, has received bids for 3,37,66,192 shares, surpassing the 1,50,30,116 shares available for public subscription.

As of 12:00 PM on September 2, 2024, the Bazaar Style Retail IPO has been subscribed 2.25 times. Notably, the segment for non-institutional investors has experienced the highest demand, subscribing at 4.33 times. In contrast, the category for Retail Individual Investors (RIIs) stood at 2.19 times, while Qualified Institutional Buyers (QIBs) recorded a subscription of 0.70 times, according to the National Stock Exchange (NSE) data.

This three-day subscription window will be closing tomorrow, September 3, 2024. The IPO is available at a price range of Rs 370-389, with a minimum bid of 38 shares, and multiples of the same thereafter. Bazaar Style Retail aims to raise Rs 834.68 crore through a new issue of 3,804,627 shares, alongside an offer for sale of 17,652,320 shares, each with a face value of Rs 5.

In the grey market, shares of Bazaar Style Retail are currently trading at a premium of approximately Rs 76, indicating a 19.54% increase above the upper limit of the issue price. However, it is worth noting that the grey market premium has slightly decreased from Rs 126 since its opening date.

Bazaar Style Retail, established in 2013, operates as a value fashion retailer with a strong presence in Eastern India. The company holds a market share of 3% in West Bengal and 2.2% in Odisha, contributing to a notable position in the organized retail sector of the region. The company offers a range of affordable clothing, accounting for 84% of its revenue, alongside general merchandise which represents 16%.

According to the company’s financial statement for FY2024, Bazaar Style Retail reported a consolidated revenue of Rs 982.83 crore and a profit after tax of Rs 21.94 crore.

Rachel Adams

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