Flat listing of Bazaar Style Retail shares at ₹389: Total IPO was subscribed 40.63 times, currently it has gained more than 8%

The stock of Bazaar Style Retail Limited was listed flat on the stock exchange today. The stock was listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) at the IPO issue price of ₹ 389. However, it is currently up more than 8%, trading at the level of ₹ 421.

This initial public offering was open for investors from August 30 to September 3. The IPO was subscribed a total of 40.63 times in three trading days. The retail category was subscribed 9.07 times, qualified institutional buyers (QIB) 81.83 times and non-institutional investors (NII) category 59.41 times.

Listing ceremony of Bazaar Style Retail Limited took place on Bombay Stock Exchange.

The issue of Bazaar Style Retail Limited was ₹ 834.68 crore This issue of Bazaar Style Retail Limited was worth a total of ₹ 834.68 crores. For this, the existing investors of the company sold 17,652,320 shares worth ₹ 686.68 crores through Offer for Sale i.e. OFS. At the same time, the company issued 3,804,627 fresh shares worth ₹ 148 crores.

Retail investors could bid for a maximum of 494 shares Bazaar Style Retail Limited had fixed the price band of this issue at ₹370-₹389. Retail investors could bid for a minimum of one lot i.e. 38 shares. If you had applied for 1 lot as per the upper price band of the IPO of ₹389, you would have had to invest ₹14,782 for it.

At the same time, retail investors could apply for a maximum of 13 lots i.e. 494 shares. For this, investors would have to invest ₹ 192,166 according to the upper price band.

35% of the issue was reserved for retail investors The company had reserved 50% of the issue for qualified institutional buyers (QIB). Apart from this, 35% is reserved for retail investors and the remaining 15% is reserved for non-institutional investors (NII).

Rekha Jhunjhunwala sold 27.23 lakh equity shares Rekha Rakesh Jhunjhunwala sold 27.23 lakh equity shares under OFS. Apart from them, Intensive Softshare Private Limited sold 22.40 lakh shares and Intensive Finance Private Limited sold 14.87 lakh shares.

Investor Rekha Rakesh Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala.

The company will use the funds raised from the IPO for general corporate purposes According to the RHP, the IPO is a combination of a fresh issue and OFS. Therefore, the company will use the funds raised from the IPO for pre-payment or repayment of certain outstanding borrowings and for general corporate purposes.

What is IPO? When a company issues its shares to the general public for the first time, it is called Initial Public Offering or IPO. The company needs money to expand its business. In such a situation, instead of taking a loan from the market, the company raises money by selling some shares to the public or by issuing new shares. For this, the company brings IPO.