Baazar Style Retail Shares Debut at Issue Price

New Delhi, Sep 6 (PTI) Shares of Rekha Jhunjhunwala-backed value fashion retailer Baazar Style Retail Ltd made a flat market debut on Friday listing at par with the issue price of Rs 389.

The stock got listed at Rs 389 on both the BSE and the NSE.

Later, it jumped 7.18 per cent to Rs 416.95 on the BSE. At the NSE, shares of the firm surged 7.19 per cent to Rs 417.

The company's market valuation stood at Rs 3,022 crore.

The initial public offering (IPO) of Baazar Style Retail garnered 40.63 times subscription on the closing day of bidding on Tuesday.

The Rs 835-crore initial share sale had a price band for the offer at Rs 370-389 per share.

The IPO was a combination of fresh issue of equity shares worth Rs 148 crore and an offer for sale (OFS) of up to 1.76 crore shares valued at Rs 687 crore (at the upper end of the price band) by promoter group entities and other selling shareholders.

Proceeds from the fresh issue, to the extent of Rs 146 crore will be used for payment of debt and the remaining funds will be used for general corporate purposes.

Bazaar Style Retail is a leading player in the value retail market in West Bengal and Odisha.

Additionally, its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh.