IPO
Value fashion retailer Baazar Style’s Rs.835-Cr IPO subscribed 40.63x
The INR 834.68 crore initial public offering (IPO) of Kolkata-based value fashion retailer Baazar Style Retail Ltd received a 40.63 times subscription garnering bids for 61,07,33,758 shares as against the 1,50,30,116 shares on offer. The price band of the IPO was fixed at INR 370-Rs 389 per share.The category for non-institutional investors (NIIs) received 59.41 times subscription, while the portion for retail Individual Investors (RIIs) got subscribed 9.07 times. The QIB (qualified institutional buyer) category got 81.83 times subscription.The IPO is a combination of a fresh issue of equity shares worth INR 148 crore and an offer for sale (OFS) of 1.76 crore shares valued at INR 687 crore (at the upper end of the price band) by promoter group entities and other selling shareholders. Under the OFS, Rekha Jhunjhunwala, Intensive Softshare Pvt Ltd, Intensive Finance Pvt Ltd, among others, will divest their part stakes.The company had raised INR 37 crore from Volrado Ventures Partners Fund II in a pre-IPO placement round.
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