Baazar Style share price makes a flat debut, stock opens at ₹389 apiece on NSE

Baazar Style share price made a flat debut on the bourses today. On NSE and BSE, Baazar Style share price opened at ₹389 apiece, at par with the IPO price.

Market experts anticipated Baazar Style share price to open with a premium of 10% - 16%.

On Friday, August 30, Baazar Style Retail IPO made its debut on the D-Street. The value fashion retailer, known for its affordable and high-quality products in the clothing and general merchandise sectors, raised ₹250 crores from anchor investors on Thursday, August 29. The subscription period for the Baazar Style Retail IPO ended on Tuesday, September 3. The IPO was priced at ₹370-389 per share.

The initial public offering of Baazar Style Retail, backed by Rekha Jhunjhunwala, received 40.63 times the subscription on the closing day of bidding on Tuesday. The segment designated for Qualified Institutional Buyers (QIBs) saw 81.83 times the subscription, while the category for non-institutional investors was subscribed 59.41 times. The allocation for retail investors witnessed 9.07 times the subscription.

Established in June 2013, Bazaar Style Retail Ltd functions as a fashion retailer in West Bengal and Odisha, providing a diverse selection of clothing for all genders and age brackets, as well as essential household items and non-apparel products.

V-Mart Retail Ltd and V2 Retail Ltd (with a P/E of 138.88) are among the company's publicly listed peers.

Baazar Style Retail IPO details

The initial public offering comprises a fresh issue of ₹148 crore and an offer for sale (OFS) by the company's existing shareholders and promoters to offload up to 17.65 million shares. The OFS amounts to ₹687 crore at the higher end of the issuance price band, with the total issue size standing at ₹834.68 crore.

Proceeds from the offering will be utilised by the company to prepay or repay all or a portion of the outstanding loans taken by the company, as well as for general corporate purposes.

The Baazar Style Retail IPO's book running lead managers are Axis Capital Ltd, Intensive Fiscal Services Private Ltd, and JM Financial Ltd. The issue's registrar is Link Intime India Private Ltd.

Baazar Style Retail IPO GMP today

Baazar Style Retail IPO grey market price is +33. This indicates Baazar Style share price were trading at a premium of ₹33 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Baazar Style share price was indicated at ₹422 apiece, which is 8.48% higher than the IPO price of ₹389.

According to the last 14 sessions of grey market activities, the GMP for today's IPO is trending downwards and is anticipated to decrease further. The GMP ranges from ₹33 to ₹141, as stated by experts at investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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