Baazar Style Retail's IPO Sees Massive 40.63 Times Subscription

Rekha Jhunjhunwala-backed Baazar Style Retail's IPO achieved 40.63 times subscription on its closing day. The Rs 835-crore sale received bids for 61.07 crore shares against 1.5 crore shares on offer. Proceeds will be used to repay debt and for general corporate purposes. The fresh issue size was reduced following a pre-IPO placement.

In an impressive display of investor interest, the initial public offer (IPO) of Rekha Jhunjhunwala-backed Baazar Style Retail was subscribed 40.63 times on its final bidding day on Tuesday.

The Rs 835-crore share sale attracted bids for 61,07,33,758 shares compared to the 1,50,30,116 shares available, according to data from the National Stock Exchange (NSE).

The Qualified Institutional Buyers (QIBs) section saw an 81.83 times subscription, while the non-institutional investors' category was subscribed 59.41 times. Retail Individual Investors (RIIs) garnered 9.07 times subscription. On Thursday, Baazar Style Retail Ltd revealed it had raised Rs 250 crore from anchor investors ahead of this massive response.

(With inputs from agencies.)