Shares of billionaire investor Rakesh Jhunjhunwala-backed shoe retailer Metro Brands traded nearly 13 percent off its Rs 500 issue price on Wednesday and were traded more than 1 percent lower.
The stock is quoted at Rs 436, down 12.8 percent from its issue price on the Bombay Stock Exchange (BSE). During the day, it fell 14.78 percent to Rs 426.10. It settled at Rs 493.55, a discount of 1.29 percent.
On the National Stock Exchange (NSE), it made its debut for Rs 437, a discount of 12.6 percent. It came in at Rs 493.35, down 1.33 percent.
The company recommended a market value of Rs 13,400.25 crore on BSE.
In volume terms, 7.76 lakh shares traded on BSE and over 1.97 crore on NSE. On the last day of registration on December 14, 3.64 times have been subscribed to the first public offering of Metro Brands.
The initial public offer of Rs 1,367.5 crore (IPO) had a price range of Rs 485-500 per share.
The IPO had a new issue of Rs 295 crore and an offer for sale of up to 2,14,50,100 shares.
Currently, the company has 598 stores in 136 cities across the country.