Baazar Style Retail Shares Make Modest Market Debut, Surge 7% Post Listing

Baazar Style Retail Ltd, backed by Rekha Jhunjhunwala, had a flat market debut at Rs 389 per share but later surged over 7%, reaching Rs 417. The IPO, which was subscribed 40.63 times, aimed to raise Rs 835 crore. Proceeds will be used to pay off debt and for general corporate purposes.

Baazar Style Retail Ltd, backed by investor Rekha Jhunjhunwala, made a flat market debut on Friday, listing at Rs 389 per share, the same as the issue price, on both the BSE and NSE.

However, the stock soon gained momentum, climbing 7.18% to reach Rs 416.95 on the BSE, and 7.19% to Rs 417 on the NSE, raising the company's market valuation to Rs 3,022 crore.

The IPO of Baazar Style Retail was highly subscribed, garnering 40.63 times subscription on its closing day. The Rs 835-crore offering had a price band of Rs 370-389 per share, combining a fresh issue of equity shares worth Rs 148 crore and an offer for sale worth up to Rs 687 crore by promoter group entities and other selling shareholders.

The company plans to utilize Rs 146 crore from the fresh issue to pay off debt, with the remaining funds earmarked for general corporate purposes. Baazar Style Retail is a prominent value fashion retailer in West Bengal and Odisha, also focusing on markets in Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh.

(With inputs from agencies.)