Bazaar Style IPO: Subscription soars on Day 2, GMP up 20%; should you bid?

Don't want to miss the best from Business Standard?

Bazaar Style Retail IPO Subscription Status: The initial public offering (IPO) of Bazaar Style Retail continues to receive strong demand from investors on the second day of subscription. The IPO, which opened for public subscription on Friday, August 30, 2024, has received bids for 3,37,66,192 shares against the 1,50,30,116 shares offered via the public issue.

 As of 12:00 PM on Monday, September 2, the public issue of Bazaar Style Retail has subscribed 2.25 times, with the portion for non-institutional investors receiving the highest subscription at 4.33 times. The category for Retail Individual Investors (RIIs) has been subscribed 2.19 times, while Qualified Institutional Buyers (QIBs) received 0.70 times subscription, as per NSE data.

The three-day subscription window to bid for the Bazaar Style Retail IPO, available at a price band of Rs 370-389 and a lot size of 38 shares, closes tomorrow, Tuesday, September 3, 2024. Investors can bid for a minimum of 38 shares and in multiples thereof. The company seeks to raise Rs 834.68 crore by offering a fresh issue of 3,804,627 shares and an offer for sale of 17,652,320 shares with a face value of Rs 5 each.

Also Read: ECOS Mobility IPO allotment today; check status, GMP, likely listing gains

Bazaar Style Retail IPO grey market premium (GMP)

The unlisted shares of Bazaar Style Retail continue to command a strong grey market premium on the second day of subscription, reflecting positive demand among investors. Shares were quoted trading at a premium of around Rs 76, or 19.54per cent above the upper end of the issue price, on Monday. However, the GMP has slipped from Rs 126, reported on its opening date, Friday, August 30, 2024.

Should you subscribe to the Bazaar Style Retail IPO?

Several brokerages, including Geojit, Deven Choksey Research, and Swastika Investmart, have reviewed the Bazaar Style Retail IPO and shared their outlook for investors. READ MORE

About Bazaar Style Retail

Bazaar Style Retail (BSRL), incorporated in 2013, is a value fashion retailer with dominance in Eastern India (with a market share of 3 per cent  in West Bengal and 2.2 per cent in Odisha, and 2.15 per cent in the organised value retail market in Eastern India). The company offers affordable products under the apparel (contributes 84 per cent of topline) and general merchandise segments (16 per cent of topline). As of FY2024, the company's restated consolidated revenue from operations stood at Rs 982.83 crore. Bazaar Style Retail's profit after tax for FY24 was reported at Rs 21.94 crore.