Rekha Jhunjhunwala-backed Bazaar Style Retail, on Thursday, said that it has raised ₹250 crore from anchor investors ahead of the launch of initial public offerings (IPO).
According to the exchange filing, the company has allocated 64,29,372 shares to anchor investors at ₹389 per share.
“The IPO Committee of the Company in their meeting held on August 29, 2024, in consultation with Axis Capital Limited, Intensive Fiscal Services Private Limited and JM Financial Limited (“Book Running Lead Managers”), have finalized allocation of 64,29,372 Equity Shares, to Anchor Investors at Anchor Investor Allocation Price of ₹ 389/- per Equity Share (including share premium of ₹ 384/- per Equity Share),” the company said in an exchange filing.
The company further informed that out of the total allocation of 64,29,372 equity shares to the anchor investors, 22,76,390 equity shares (i.e. 35.41% of the total allocation to anchor investors) were allocated to 8 domestic mutual funds through a total of 13 schemes.
Bazaar Style Retail IPO details
The price band for the Baazar Style Retail IPO has been set between ₹370 and ₹389 per equity share, each with a face value of ₹5. The subscription period for the Baazar Style Retail IPO will begin on Friday, August 30, and close on Tuesday, September 3.
The IPO includes a new issuance of ₹148 crore and an offer from the company’s current shareholders and promoters to sell up to 17.65 million shares.
The floor price is 74 times the face value, while the cap price is 77.80 times the face value. The minimum lot size for the IPO is 65 equity shares, with additional purchases allowed in multiples of 65 shares.
In the public offering, Baazar Style Retail has allocated no more than 50 per cent of the shares for qualified institutional buyers (QIBs), at least 15 per cent for non-institutional investors (NIIs), and at least 35 per cent for retail investors.
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