India's Baazar Style Retail rises 9% in trading debut

Rupa &

06/09/2024 06:38

** Shares of Baazar Style Retail  BAAZ.NS  rise 9.1% to
424.5 rupees in trading debut 
    ** Stock opened at 389 rupees, flat from its IPO price
    ** Clothing retailer valued at 31.87 bln rupees ($379.8
mln), per exchange data
    ** Issue was oversubscribed 40.7 times, per exchange data;
IPO included fresh issue of shares aggregating up to 1.48 bln
rupees
    ** Rekha Jhunjhunwala, wife of late billionaire Rakesh
Jhunjhunwala, sold up to 2.7 mln shares in IPO
    ** Co will use IPO proceeds to pre-pay or repay borrowings
of 1.53 bln rupees and for working capital needs 
    ** BAAZ competes with Jockey India licensee Page Industries
 PAGE.NS , Rupa & Company  RUCL.NS  and Dollar Industries
 DLLA.NS  among others

($1 = 83.9230 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))