Strong Start for Baazar Style Retail's IPO

Baazar Style Retail, backed by Rekha Jhunjhunwala, saw a 72% subscription rate on its opening IPO day. The company aims to raise Rs 835 crore, with Rs 148 crore from fresh equity shares and the rest through an offer for sale by promoters. The IPO will end on September 3.

Baazar Style Retail, a value fashion retailer backed by industry veteran Rekha Jhunjhunwala, received a robust 72% subscription on its first IPO bidding day.

According to NSE data, the initial share sale saw bids for 1,08,18,182 shares against an offering of 1,50,30,116 shares.

The retail investor quota fetched 82% subscription, while qualified institutional buyers subscribed 70%, and non-institutional investors garnered 47%. The IPO seeks Rs 835 crore, with Rs 148 crore from fresh equity shares and Rs 687 crore through an offer for sale. The offering closes on September 3, with pricing set between Rs 370-389 per share.