Metro Brands shares debut on muted, list discounted to issue price
Shares of shoe retailer Metro Brands Limited began trading on the NSE at ??437 per share during the Wednesday session on its debut on the stock market, which benefits from a discount of 12.6% compared to its issue price of ??500 each. On BSE, the share listed on ??436 per share.
Metro Brands’ three-day initial public offering (IPO) was subscribed 3.64 times on the last subscription day, opened on December 10 and closed on December 14. had raised more than ??410 crore from anchor investors. The price range of the offer was ??485-500 per share.
Metro Brands IPO had a new issue of ??295 crore and an offer to sell (OFS) of a maximum of 2 14 50 100 shares. The company aimed to use the proceeds of the new show for the expenses of opening new company stores, under the brands “Metro”, “Mochi”, “Walkway” and “Crocs” and at general corporate purposes.
At present, Metro Brands has 598 stores in 136 cities across India. Of these, 211 stores have been opened in the past three years. Metro Brands had the 3rd highest number of exclusive outlets in India, in fiscal 2021.
The company retails shoe brands such as Metro, Mochi, Walkway, Da Vinchi, and J Fontini, as well as some third-party brands such as Crocs, Skechers, Clarks, Florsheim and Fitflop. Metro Brands also offers accessories, such as belts, bags, socks, masks and wallets in its stores.
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