Mumbai, September 4: The Initial Public Offering (IPO) of Baazar Style Retail Limited was launched in the Indian primary market last week on August 30, 2024. The IPO remained subscription free until it closed yesterday on September 3. The allotment status of the Rekha Jhunjhunwala-Backed IPO is expected to be declared today, September 4. All bidders can check the status of the allotment through the registrar's official website or on the Bombay Stock Exchange (BSE) website.

The shares of the mainboard issue will be listed on September 6, 2024. The public issue was a mixture of both fresh issues and Offer for Sale (OFS) of shares. While INR 686.68 crore was reserved for the OFS route, the IPO sought to raise around INR 148 crore through the issuance of fresh shares. After the bidding, the Baazar Style Retail IPO subscription status revealed a mainboard subscription of 72 percent, as per a Mint report. ECOS Mobility IPO Allotment Likely Today; Know How To Check Status, Subscription Rates and Current Share Price.

Allotment Status of Baazar Style Retail IPO

The IPO was priced in the range of INR 370 to INR 389 per equity share and had a lot size of 38 shares per bid. The profit estimated after taxes was around INR 21.94. The minimum amount of investment required by retail investors was INR 14,782. The issue also included a reservation of around 28,248 shares for the employees of Bazaar Style at a discounted price of INR 35.

As of September 3, the final day of bidding saw an average of 23.03 times subscription of the Baazar Style Retail IPO. While the Non-Institutional Investors (NIIs) subscribed around 48.06 times, the retail investors' subscriptions stood at only 7.67 times. The Qualified Institutional Buyers (QIBs) subscribed to the IPO around 23.03 times. Reliance Jio IPO: After Jio Tariff Hikes and 5G Monetisation, Company Preparing for India’s Largest IPO, Says Report.

How to Check Allotment Status of Baazar Style Retail IPO

The allotment status of the Baazar Style Retail IPO can be checked on the BSE site by following the below steps:

1. Go to the BSE website via a smartphone or computer (https://www.bseindia.com/investors/appli_check.aspx).

2. Enter the application or PAN to verify the allotment status.

3. Select "Baazar Style Retail IPO" from the options available.

4. Enter PAN number

5. Click "Search" to check the status.

Apart from the official site of BSE, the allotment status can be checked on the respective registrar's site of the investors such as Linkintime, Karvy, etc.

Review of Baazar Style Retail IPO

According to stock market analysts, the grey market continued to tilt towards a positive for the Baazar Style Retail IPO. The premium of the IPO was INR 62 in the grey market so far. Midway of bidding, a 16 percent gain for potential investors was signalled by the grey market when another two days of bidding remained.

The Baazar Style Retail Limited IPO is backed by Rekha Jhunjhunwala, who has offered her 27,23,120 equity shares worth around INR 106 Crore under the OFS route. According to the Red Herring Prospectus of Baazar Style Retail IPO available on SEBI's website, Rekha Jhunjhunwala's name appears on the list of Investor Selling Shareholders. Baazar Style Retail Limited, incorporated in June 2013, is a major fashion retailer operating in West Bengal and Odisha.

(The above story first appeared on LatestLY on Sep 04, 2024 01:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).