Metro Brands IPO Subscribed 52% On Second Day Of Issue


Metro Brands IPO Subscribed 52% On Second Day Of Issue

Metro Brands IPO was subscribed 52 per cent on second day of issue

Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Limited’s initial public offer (IPO) was subscribed 52 per cent on the second day of its issue on Monday.

It received bids for 99,49,320 shares against 1,91,45,070 shares on offer, according to data available with the National Stock Exchange (NSE).

The category for retail investors received 87 per cent subscription, the portion for non-institutional investors was subscribed 17 per cent and that for qualified institutional buyers (QIBs) 16 per cent.

The IPO has a fresh issue of Rs 295 crore and an offer-for-sale of up to 2,14,50,100 equity shares.It comes at a price range of Rs 485-500 per share.

The company on Thursday raised over Rs 410 crore from anchor investors.

At the upper end of the price band, the public issue is expected to fetch Rs 1,367.5 crore.

The proceeds from the fresh issue will be used for meeting the expenditure for opening new stores of the company, under the ”Metro”, ”Mochi”, ”Walkway” and ”Crocs” brands as well as for general corporate purposes.

Currently, the company has 598 stores in 136 cities spread across the country.

Axis Capital Limited, Ambit Private Limited, DAM Capital Advisors Limited, Equirus Capital Private Limited, ICICI Securities Limited and Motilal Oswal Investment Advisors Limited are the managers for the issue.