Last Chance! Baazar Style IPO ends today: should you bid? Check GMP & more

The three-day subscription window to bid for the Baazar Style Retail IPO, which opened on Friday, August 30, 2024, is set to conclude today

Baazar Style Retail IPO: The initial public offering (IPO) of Baazar Style Retail has received a strong response from investors, with the issue being oversubscribed 6.02 times till now. Adding to the buzz, Baazar Style Retail shares are commanding a grey market premium (GMP) of Rs 65, or 16.71 per cent, at the upper end of the IPO price of Rs 389 on Tuesday.

A positive GMP for an IPO is usually considered an indicator of strong demand and investor confidence, suggesting that the IPO is likely to list at a price higher than its issue price. It reflects bullish sentiment in the unofficial market before the stock officially trades on the exchange. If the GMP trends hold, shares of Baazar Style Retail may yield a return of potential listing gains of nearly 17 per cent post-listing. 

The three-day subscription window, which opened on Friday, August 30, 2024, is set to conclude today. The Baazar Style Retail IPO is available at a price band of Rs 370-389, and a lot size of 38 shares. Investors can bid for a minimum of 38 shares and in multiples thereof. The minimum amount required by a retail investor to bid for the Baazar Style Retail IPO is Rs 14,782.

Baazar Style Retail IPO subscription status

The Rs 834.68-crore public issue has received bids for 8,50,04,784 shares against 1,50,30,116 shares on offer, as per 10:44 am on Tuesday, as per the NSE data. The retail category has been subscribed 4.69 times, while the Non-Institutional Investor (NII) category saw an overwhelming 15.85 times subscription. The Qualified Institutional Buyer (QIB) category recorded a 0.85 times subscription.

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Baazar Style Retail IPO details

Baazar Style Retail IPO consists of a fresh issue of 3,804,627 shares, and an offer for sale with promoters and investors offloading 17,652,320 shares with a face value of Rs 5 each. Baazar Style Retail has announced that it has already secured Rs 64.43 crore from anchor investors on August 19, 2024, a day before the issue opened. The basis of allotment for the IPO is scheduled for Wednesday, September 4, 2024, with Baazar Style Retail shares expected to be credited to Demat accounts on Thursday, September 5, 2024. Baazar Style Retail shares are tentatively set to list on the NSE and BSE on Friday, September 6, 2024. Link Intime India is the registrar, and Axis Capital Limited, Intensive Fiscal Services Private Limited, and JM Financial Limited are the book-running lead managers for this issue.