Axis Capital, Intensive Fiscal Services and JM Financial are the book-running lead managers for the issuance.
The initial public offering of Rekha Jhunjhunwala-backed fashion retailer Baazar Style Retail received 72 percent subscriptions on the first day of bidding on Friday.
In the initial share sale, 1,08,18,182 shares were bid against 1,50,30,116 shares offered, according to NSE data.
The Retail Individual Investors (RIIs) quota saw 82 percent registrations, while the Qualified Institutional Buyers (QIBs) category saw 70 percent registrations. The non-institutional investor segment saw 47 percent registrations.
Baazar Style Retail Ltd on Thursday reported that it has received Rs 250 crore from key investors.
The Rs 835-crore initial public offering (IPO) will close on September 3. The price band has been set at Rs 370-389 per share.
The IPO is a combination of a fresh issue of shares worth Rs 148 crore and an offer for sale (OFS) of up to Rs 1.76 crore worth Rs 687 crore (at the upper end of the price band) by promoter group entities and other selling shareholders.
This takes the total issuance size to Rs 835 crore, at the upper end of the price band of Rs 389.
Under the OFS, Rekha Jhunjhunwala, Intensive Softshare Pvt Ltd and Intensive Finance Pvt Ltd, among others, will divest their holdings.
The proceeds from the fresh issue, amounting to Rs 146 crore, will be used for debt repayment and the remaining funds will be used for general corporate purposes.
Earlier this month, the Kolkata-based company raised Rs 37 crore from Volrado Ventures Partners Fund II in a pre-IPO placement round.
Accordingly, the fresh issue size was reduced. Bazaar Style Retail is one of the leading players in the value retail market in West Bengal and Odisha.
Other core markets are Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh.
Axis Capital, Intensive Fiscal Services and JM Financial are the book-running lead managers for the issuance.
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First publication: Aug 30, 2024 | 8:25 PM IST