Investors have responded favourably to value fashion retailer Baazar Style Retail's initial public offering (IPO). The issue has received 9.31 subscriptions as of Tuesday, the last day of the auction.
The National Stock Exchange's website consolidated data indicates that bids were received for 13,99,31,808 shares of the 1,50,30,116 equity shares that were up for grabs in the public offer till 2.00 pm on the final day.
While the portion designated for non-institutional investors (NIIs) was booked at 27.86 times the quota, the portion reserved for retail investors was subscribed 6.11 times. The category of qualified institutional buyers (QIBs) accounted for 88 per cent of subscriptions.
The business raised Rs 250 crore from anchor investors on August 29.
Price band and issue structure
Bidding on this issue will be open from August 30 to September 8. The price range for each equity share in the Rs 834.68-crore IPO is Rs 370–Rs 389.
The public offer comprises a fresh issuance of shares valued at Rs 148 crore in addition to an offer for sale (OFS) component of shares worth Rs 687 crore.
A portion of the stakes under the OFS will be sold by Rekha Jhunjhunwala, Intensive Softshare Private Limited, Intensive Finance Pvt Ltd, and other parties.
Utilisation of IPO proceedings
The company plans to use the proceeds from the new issue for both debt repayment and general corporate purposes.
The IPO's bookrunning lead managers are JM Financial, Axis Capital, and Intensive Fiscal Services.
Company financials and sector growth
Furthermore, during the same time period, the retail market for lifestyle and home values as a whole has demonstrated a compound annual growth rate (CAGR) of roughly 19.3 per cent.
The company reported consolidated revenue from operations of Rs 972.88 crore for the fiscal year 2024. The company's profit after tax (PAT) was Rs 21.94 crore.
