• Source:JND
Add as a preferred

Bazaar Style Retail's IPO Subscription Status:  Rekha Jhunjhunwala-backed value fashion retailer Bazaar Style Retail's initial public offering drew a 72 percent subscription on the first day of bidding on Friday. According to NSE data, the initial share sale received bids for 1,08,18,182 shares against 1,50,30,116 shares on offer.

The retail private investor (RII) quota accounted for 82 percent of the subscriptions, while the qualified institutional buyers (QIB) category accounted for 70 percent of the subscriptions. For non-institutional investors, the segment accounted for 47 percent of the subscriptions.

Bazaar Style Retail Ltd stated on Thursday that it had raised Rs 250 crore from anchor investors. The Rs 835 crore initial public offering will conclude on September 3rd. The price range has been set at Rs 370-389 per share.

Also Read: India's GDP growth slows to 6.7% in April-June quarter: Govt Data

Fresh issue of equity shares worth Rs 148 crore and a mix of promoter group entities and others offering for sale (OFS) up to Rs 687 crore (at the upper end of the price band) worth Rs 1.76 crore. This would bring the total issue size to Rs 835 crore at the upper end of the Rs 389 price band.

Rekha Jhunjhunwala, Intensive Softshares Pvt Ltd, and Intensive Finance Pvt Ltd, among others, would invest their partial stakes under OFS. The proceeds from the fresh issue, up to Rs 146 crore, will be used for debt repayment, and the remaining will be used for general corporate purposes.

Earlier this month, the Kolkata-based company raised Rs 37 crore from Vorado Ventures Partners Fund II in a pre-IPO placement round. As a result, the size of the fresh issue was reduced. Bazaar Style Retail is one of the leading players in the value retail market in West Bengal and Odisha.

Its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh. Axis Capital, Intensive Fiscal Services, and JM Financial are the lead managers managing the books on the issue.

(With Agencies Input)

Also read: Adani Ports To Acquire 80% Stake In Astro Offshore For USD 185 Million