Baazar Style Retail shares make flat market debut; settle nearly 3% higher

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 and later ended the day nearly 3 per cent higher.

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

During the day, it jumped 10.78 per cent to Rs 430.95 on the BSE. On the NSE, shares of the firm surged 10.83 per cent to Rs 431.15 during intra-day trade.

The stock ended at Rs 399.65, up 2.73 per cent on the BSE while on the NSE, it climbed 2.55 per cent to Rs 398.95.

The company's market valuation stood at Rs 2,982.08 crore.

In terms of volume, 22.30 lakh shares of the firm were traded on the BSE and 268.25 lakh shares on the NSE during the day.

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 a 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.