Rekha Jhunjhunwala-Backed Baazar Style Retail IPO Allotment Out! GMP Signals Big Gains Ahead of Tomorrow’s Listing

The allotment status for Baazar Style Retail IPO, backed by Rekha Jhunjhunwala, has been released. Investors who received shares are now eagerly waiting for the listing date, which is likely to be Friday, 6th September 2024. Under the new ‘T+3’ rule, IPOs must list three working days after the close of bidding. Since the Baazar Style Retail IPO bidding ended on 3rd September, the market expects the listing to happen tomorrow.

Grey Market Premium (GMP)

Ahead of the listing date, the grey market remains steady. According to market experts, shares of Baazar Style Retail are trading at a ₹64 premium in the grey market today. The GMP has fluctuated between ₹60 to ₹65 in recent days, following the close of the IPO subscription. Analysts suggest this steady GMP reflects the strong market sentiment and busy IPO season, pointing towards a positive debut for Baazar Style Retail on the stock exchange.

IPO Listing Price

With today’s GMP at ₹64, the grey market is estimating a listing price of around ₹453 per share (₹389 issue price + ₹64 GMP). This suggests that investors who received shares could expect a 16% gain upon listing.

However, stock experts caution against relying too much on GMP data, as it is not regulated and may not reflect the true financial health of the company. They advise shareholders to consider the company’s fundamentals and make decisions based on their own analysis.

Rekha Jhunjhunwala’s Role in the IPO

According to the Red Herring Prospectus (RHP), Rekha Jhunjhunwala is selling 2,723,120 of her equity shares in this IPO, which amounts to around ₹106 crore. These shares were offered through the Offer for Sale (OFS) route.