Baazar Style Retail is all set to make its debut on the stock market, and investors are eagerly awaiting its listing on the BSE and NSE this Friday, September 6, 2024. The Initial Public Offering (IPO) allotment was finalized just yesterday, sparking a buzz among market enthusiasts and investors.
According to recent reports, the grey market premium (GMP) suggests a promising start for Baazar Style Retail’s shares. These unlisted shares are currently trading at a premium of Rs 45, or 11.57% above the upper end of the issue price, which is Rs 334. This has excited many, giving them hope for good returns on investment.
However, it’s worth mentioning that the current GMP is a bit lower than the Rs 65 noted on September 3, when the issue was closed for subscriptions. This figure has also dipped compared to the Rs 126 premium observed when the public issue opened.
If the grey market trends hold steady, Baazar Style Retail’s shares might list on the BSE and NSE at approximately Rs 434, factoring in the upper IPO price plus the current GMP. This prediction hints that investors could see a gain of over 11% per share upon listing.
High Investor Interest in Baazar Style Retail IPO
Baazar Style Retail’s IPO captured significant investor interest. Available in a price band of Rs 370-389 per share, with a lot size of 38 shares, the public offering was subscribed 40.66 times. The subscription data shows that Qualified Institutional Buyers (QIBs) led the demand, subscribing 81.83 times. Non-Institutional Investors (NIIs) also showed strong interest, subscribing 81.83 times, and retail investors subscribed 9.12 times by the close of the issue.
Positive Reviews from Brokerages
Several brokerages, including Geojit, Deven Choksey Research, and Swastika Investmart, have given favorable reviews for Baazar Style Retail’s public issue. The offer includes a fresh issue of 3,804,627 shares and an offer for sale, with promoters and investors selling off 17,652,320 shares, each with a face value of Rs 5.
In their RHP papers, the company highlighted that the net proceeds would be used for prepayment or repayment of certain outstanding borrowings and for general corporate purposes. However, it’s important to note that the company will not receive any proceeds from the Offer for Sale. These proceeds will go directly to the selling shareholders and won’t be part of the net gains for the company.
About Baazar Style Retail
Headquartered in Howrah, West Bengal, Baazar Style Retail is a multi-brand fashion hub boasting over 135 stores across nine Indian states. The brand caters to men, women, and children of all ages, offering a wide array of stylish apparel alongside a vast collection of general merchandise. Whether it’s trendy clothes for the young and the old or a variety of household items, Baazar Style Retail has positioned itself as a go-to destination for fashion and everyday goods.
Looking Ahead
As the market eagerly awaits the listing of Baazar Style Retail’s shares, the current GMP suggests a favorable debut. If the shares list around the predicted Rs 434 mark, early investors could enjoy significant returns. The high subscription rate reflects strong confidence from both institutional and retail investors.
Mark your calendars for Friday, September 6, 2024, when Baazar Style Retail officially steps into the stock market. Stay tuned to India Press Live for more updates and insights into this much-anticipated IPO!
