Upcoming IPO: Baazar Style Retail IPO opens on August 30, price band set at ₹370-389 apiece; check GMP

Upcoming IPO: The Baazar Style Retail IPO price band has been fixed in the range of ₹370 to ₹389 per equity share of the face value of ₹5. The Baazar Style Retail IPO date of subscription is scheduled for Friday, August 30, and will close on Tuesday, September 3. The allocation to anchor investors for the Baazar Style Retail IPO is scheduled to take place on Thursday, August 29.

The floor price and the cap price are 74 times and 77.80 times of the face value. The Baazar Style Retail IPO lot size is 65 equity shares and in multiples of 65 equity shares thereafter.

Baazar Style Retail IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. A discount of ₹35 per equity share is being offered to eligible employees bidding in the employee reservation portion.

Tentatively, Baazar Style Retail IPO basis of allotment of shares will be finalised on Wednesday, September 4, and the company will initiate refunds on Thursday, September 5, while the shares will be credited to the demat account of allottees on the same day following refund. Baazar Style Retail share price is likely to be listed on BSE and NSE on Friday, September 6.

Bazaar Style Retail Limited, a fashion retailer with operations in West Bengal and Odisha, was incorporated in June of 2013. The firm sells clothing for every gender and age group, as well as basic goods including home furnishings and non-apparel items.

The business aims to give every Indian customer trendy goods at a reasonable price, a family-friendly shopping experience, and high-quality items. Odisha, Bihar, Assam, Jharkhand, Andhra Pradesh, Uttar Pradesh, Tripura, and Chhattisgarh are among the states in which the organisation conducts business.

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

The Promoters, board members, and the Senior Management Personnel support the company. The Promoters are Pradeep Kumar Agarwal, Rohit Kedia, Shreyans Surana, Bhagwan Prasad, Rajendra Kumar Gupta, Sabita Agarwal, Rajendra Kumar Gupta (HUF), and Sri Narsingh Infrastructure Private Limited.

Shareholders consist of investors like Rekha Rakesh Jhunjhunwala, the spouse of Late Rakesh Jhunjhunwala, Kewal Kiran Clothing Limited, Manohar Lal Agarwal, the promoter of Haldiram Snacks, the Boon-family office of Supreme Industries, Intensive Softshare Private Limited, D.K. Surana, Ajay Kumar Jain, and Sanjay Kumar Jain, who are partners of J.K. Jain Sparky (India) LLP.

Baazar Style Retail IPO details

The IPO consists of a fresh ₹148 crore issuance as well as an offer by the company's current shareholders and promotersto sell up to 17.65 million shares. The OFS comes in at ₹687 crore on the upper band price of the issuance, and the total issue amount is ₹834.68 crore.

The company plans to use the funds raised to prepay or repay part or all of the outstanding loans obtained by the company and for general corporate purposes.

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

Baazar Style Retail IPO GMP today 

Baazar Style Retail IPO grey market price is +131. This indicates Baazar Style Retail share price were trading at a premium of ₹131 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 Retail share price was indicated at ₹520 apiece, which is 33.68% higher than the IPO price of ₹389.

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

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