Shares of billionaire Rakesh Jhunjhunwala-backed shoe retailer Metro Brands will hit the stock exchanges tomorrow, December 22. They will be listed on both the National Stock Exchange and the Bombay Stock Exchange.
The company’s initial public offering (IPO) had received a lower-than-expected subscription, as it had subscribed 3.64 times between December 10 and 14.
The part of qualified institutional buyers was subscribed 8.49 times. Non-institutional investors had bid for 3.02 times the allotted quota, while the retail portion was subscribed for 1.13 times.
Metro Brands amassed Rs 1,367.5 crore through the public issuance of 2.73 crore shares at Rs 500 per share. The offer consisted of a new issue of Rs 295 crore and a sale offer of Rs 1,072.5 crore by the promoters.
In the gray market, shares of Metro Brands traded at a price of Rs 490. The gray market is an unofficial platform, where trading begins with the announcement of the price band to the listing of shares.
Metro Brands operates 598 stores in 136 cities across 30 states and union territories in India, and sells retail footwear under various brands such as Metro, Mochi, Walkway, Da Vinchi and J Fontini.