Footwear retailer Metro Brands Ltd shares started trading on NSE 437 per share at its stock market debut in Wednesday’s session, which is at a discount of 12.6 per cent to its issue price. 500 per. On BSE, the stock . listed on 436 per share.
three days Initial Public Offering (IPO) Metro Brands was subscribed 3.64 times on the last day of subscription opening on December 10 and closing on December 14. The company, which is backed by ace investor and stock market trader Rakesh Jhunjhunwala, had picked up 410 crores from anchor investors. The price range for the offer was 485-500 per share.
The new issue of Metro Brands IPO was 295 crore and Offer for Sale (OFS) of 2,14,50,100 equity shares. The company aimed to use the proceeds from the new issue to open new stores for the company, under the brands ‘Metro’, ‘Cobbler’, ‘Walkway’ and ‘Crocs’ and for general corporate purposes.
Presently, Metro Brands has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years. Metro Brands had the third largest number of exclusive retail outlets in India in FY21.
The company retails footwear such as Metro, Cobbler, Walkway, Da Vinci and Jay Fontini as well as some third party brands such as Crocs, Skechers, Clarks, Florsheim and FitFlops. Metro Brands also offers accessories like belts, bags, socks, masks and wallets at its stores.
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