Baazar Style Retail IPO booked nearly 2 times, here is all you need to know

Baazar Style Retail IPO: Baazar Style Retail's share sale via initial public offering (IPO) was booked 1.71 times by second day of booking, data from the National Stock Exchange showed. Baazar Style Retail is selling shares in price band of Rs 370-389 per share and the company is planning to raise Rs 834.68 crore. The IPO consists of fresh issue of Rs 148 crore and an offer for sale worth Rs 686.68 crore.

Baazar Style Retail IPO Price Band

A retail investor can bid for minimum one lot of 38 shares up to maximum of 13 lots. One lot of Baazar Style Retail IPO shares is priced at Rs 14,782 at the upper end of the price band.

The Baazar Style Retail IPO received strong response from high-net worth individuals which fall under the category of Non-Institutional Investors as the pie set aside for them was booked 3.32 times. Pie set aside for retail investors was booked 1.78 times and portion set aside for Qualified Institutional Buyers (QIBs) was booked 0.70 times.

Incorporated in June 2013, Baazar Style Retail Limited is a fashion retailer operating in West Bengal and Odisha. The company offers apparel for men, women, boys, girls, and infants and general merchandise such as non-apparels and home furnishing products.

The company focuses on providing a family-oriented shopping experience, offering quality products and striving to offer every Indian stylish merchandise at an affordable price.

Before its issue opening on August 29, the Kolkata-based company successfully raised Rs 250.1 crore from 22 anchor investors, including prominent names such as Societe Generale, Natixis International Funds, Volrado Venture Partners Fund, HSBC Global Investment Funds, Allianz Global Investors Fund, HDFC Mutual Fund, Whiteoak Capital, Ashoka India Equity Investment Trust Plc, Motilal Oswal Mutual Fund, Helios Flexi Cap Fund, and Julius Baer India Equity Fund.

The operator of Style Baazar, which competes with V2 Retail and V-Mart Retail, plans to utilise the net proceeds from the fresh issue primarily for debt repayment and general corporate purposes.