Metro Brands Limited (MBL), one of the largest Indian footwear specialists in India, received an overwhelming response from investors to its initial public offering (IPO). The Metro Brands IPO has so far been booked for 52 percent on the second bidding day. Metro Brands IPO received bids for 99.13 lakh shares at an IPO size of 1.91 crore on Dec. 13, according to data available from NSE. The portion reserved for retail investors was booked at 87 percent, while that of non-institutional investors was subscribed at 17 percent. The share allocated to qualified institutional buyers rose 16 percent. Metro Brands’ IPO was 27 percent subscribed on day one.
Metro Bands IPO Price, Listing Details
Metro Bands opened its first first store under the Metro brand in Mumbai in 1955. Since then, it has grown into a one-stop shop for all footwear needs, selling a wide variety of branded products for all the family, including men, women, unisex and children. The Metro Bands IPO will open for subscription on December 10, and the offer was set to close on December 14. The company has set a price range of Rs 485 – 500 per share of shares with a par value of Rs 5 each.
At the higher price range, the offer aims to collect Rs 1,367.5 crore. The Metro Bands IPO includes a new share issue worth Rs 295 crore and a sale offer of Rs 1,072.5 crore by promoter selling shareholders who will sell 2.14 crore shares.
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