Baazar Style Retail IPO Gains Momentum with 4.64 Times Subscription

Baazar Style Retail's IPO, supported by Rekha Jhunjhunwala, received 4.64 times subscription on the second day of bidding. The Rs 835-crore IPO includes a fresh issue worth Rs 148 crore and an OFS of up to 1.76 crore shares. Proceeds will be used for debt payment and corporate purposes.

Baazar Style Retail, a value fashion retailer backed by Rekha Jhunjhunwala, saw its initial public offer (IPO) gain substantial traction on the second day of bidding, registering 4.64 times subscription according to NSE data.

The IPO received bids for 6,96,80,144 shares against the 1,50,30,116 shares on offer. Non-institutional investors showed notable interest with 11.62 times subscription, while the Retail Individual Investors category was booked 3.75 times. The Qualified Institutional Buyers quota was subscribed to 84 percent.

The Rs 835-crore IPO, comprising a fresh issue of equity shares worth Rs 148 crore and an offer for sale (OFS) of up to 1.76 crore shares valued at Rs 687 crore, will conclude on September 3. Proceeds from the fresh issue will primarily be used for debt repayment and general corporate purposes.

(With inputs from agencies.)