People flocked to the IPO of the company supported by Rekha Jhunjhunwala, GMP is also doing wonders

Rekha Jhunjhunwala: The IPO of Baazar Style Retail, a company backed by veteran investor Rekha Jhunjhunwala, has received a great subscription as expected. The IPO of this company, which runs fashion retail stores under the name Style Baazar, has been subscribed more than 40 times. According to various websites, the grey market price (GMP) of the company’s IPO is around Rs 65. The company will allot the IPO on Wednesday, September 4. Its listing is scheduled to take place on Friday, September 6 on BSE and NSE.

People bid for 61.11 crore shares

The IPO of Bazaar Style Retail is worth Rs 834.68 crore. According to NSE data, till Tuesday evening, people have bid for 61.11 crore shares against the 1.5 crore shares made available through the IPO. Many big investors including Rekha Jhunjhunwala are going to reduce their stake through the offer for sale in the IPO. This IPO has been subscribed the most by qualified institutional buyers (QIB) i.e. 81.83 times. After this, non-institutional investors (NII) have subscribed it 59.43 times, retail investors have subscribed it 9.12 times and the company’s employees have subscribed it 35.36 times.

250 crore rupees received from anchor investors

Earlier, the company had informed that it has raised Rs 250 crore from anchor investors. The company had kept the price band of the IPO between Rs 370-389. Its gray market price is running at a premium of Rs 60 to Rs 65. According to this, it is expected to be listed at around Rs 450. The Kolkata-based company had informed that it had received Rs 37 crore from Volrado Ventures Partners Fund even before bringing the IPO. The company will use the money received from this issue to repay the loan and meet other corporate purposes.

Dominance in the market of West Bengal and Odisha

Bazaar Style Retail has established a strong foothold in the West Bengal and Odisha markets as a value retail company. It has provided people with good quality products at low prices. Now the company is focusing on making a place in the markets of Assam, Bihar, Jharkhand, Andhra Pradesh, Uttar Pradesh, Tripura and Chhattisgarh.

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