day one sees 72% subscription, demand heats up by day three

Style Baazar’s parent company Baazar Style Retail received 72% subscription on the first day of bidding for its initial public offering. On its third day of bidding, the business was subscribed by 7.6 times as non-institutional investors showed strong demand.

Baazar Style Retail’s initial share sale saw bids for over one crore shares against the over 1.5 crore shares on offer on day one of its IPO, according to National Stock Exchange Data. This amounted to a subscription rate of 72%, the Press Trust of India reported.
 
On day one, the business’ quota for Retail Individual Investors garnered 82% subscription, the category for Qualified Institutional Buyers was subscribed by 70%, and the category for non-institutional investors was subscribed by 47%. The business had also raised Rs 250 crore from anchor investors a day before its IPO went live.  
 
The IPO concludes on September 3 with a price band fixed at between Rs 370 and Rs 389 per share. The IPO is a combination of a fresh issue of equity shares (worth Rs 148 crore at the upper end of the price band) and an offer for sale to give current shareholders the opportunity to reduce their stake in the business.