Baazar Style Retail Ltd's Strong Market Debut: Shares Rise Post-Listing

Baazar Style Retail Ltd, supported by Rekha Jhunjhunwala, launched their shares at Rs 389 on BSE and NSE. The stock experienced a significant rise, closing 2.73% higher on BSE and 2.55% on NSE. The IPO was oversubscribed 40.63 times, raising Rs 835 crore, primarily aimed at debt repayment and corporate purposes.

Shares of Rekha Jhunjhunwala-backed value fashion retailer Baazar Style Retail Ltd debuted flat on the market, listing at Rs 389, the issue price, and closing nearly 3 per cent higher.

The stock listed at Rs 389 on both BSE and NSE, peaking at Rs 430.95 on BSE during the day. On NSE, shares surged to Rs 431.15 during intra-day trade.

Eventually, the stock closed at Rs 399.65, up 2.73 per cent on BSE and 2.55 per cent higher at Rs 398.95 on NSE. The market valuation of the company stood at Rs 2,982.08 crore.

On BSE, 22.30 lakh shares were traded, while 268.25 lakh shares were exchanged on NSE.

The firm's IPO, garnering 40.63 times subscription, closed on Tuesday with an Rs 835-crore initial share sale within a price band of Rs 370-389 per share.

The IPO comprised a Rs 148-crore fresh equity issue and an OFS of up to 1.76 crore shares worth Rs 687 crore by the promoter group and other shareholders. Proceeds will address debt and corporate needs.

Operating in West Bengal and Odisha, Baazar Style Retail's focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh.

(With inputs from agencies.)