Shares of Rekha Jhunjhunwala-backed Baazar Style Retail, a value fashion retailer, on Friday made a flat market debut, listing at par with the issue price of ₹389 and later ended the day nearly 3 per cent higher.
The stock got listed at ₹389 on both the BSE and the NSE. During the day, it jumped 10.78 per cent to ₹430.95 on the BSE. On the NSE, shares of the company surged 10.83 per cent to ₹431.15 during intra-day trade.
The stock ended at ₹399.65 apiece, up 2.74 per cent on the BSE. On the NSE, shares rose 2.56 per cent to end at ₹398.95.
In terms of volume, 22.30 lakh shares of the value fashion retailer were traded on the BSE, while 268.25 lakh shares were traded on the NSE during the day. The market capitalisation of the company at Friday’s closing price stood at ₹2,982.08 crore as per BSE and ₹2,976.86 crore as per NSE.
The IPO of Kolkata-based Baazar Style Retail garnered 40.63 times subscription on the closing day of bidding on Tuesday. The ₹835-crore initial share sale had a price band for the offer at ₹370-389 per share.
The IPO was a combination of a fresh issue of equity shares worth ₹148 crore and an offer for sale (OFS) of up to 1.76 crore shares valued at ₹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 ₹146 crore, will be used for payment of debt and the remaining funds will be used for general corporate purposes.
The company’s promoters are Pradeep Kumar Agarwal, Rohit Kedia, Shreyans Surana, Bhagwan Prasad, Rajendra Kumar Gupta, Rajendra Kumar Gupta (HUF) and Sri Narsingh Infrastructure.
Incorporated in 2013, Style Baazar had market share of 3.03 per cent and 2.22 per cent, respectively, in the organised value retail market in West Bengal and Odisha, as per a Technopak Report. It has the largest retail footprint in Eastern India when compared to the listed value retailers in FY24.
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Published on September 6, 2024
https://www.thehindubusinessline.com/markets/baazar-style-retail-shares-make-flat-market-debut-ends-day-nearly-3-higher/article68614557.ece
