Metro Brands IPO subscribed 52% on the second day of the issue

Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Limited’s initial public offering (IPO) on the second day of the issue on Monday witnessed 52 per cent subscription.

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

Retail investors category subscribed 87 per cent, non-institutional investors share 17 per cent and Qualified Institutional Buyers (QIBs) subscribed 16 per cent.

The IPO consists of a fresh issue of Rs 295 crore and an offer for sale of up to 2,14,50,100 equity shares.
It comes in the 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 new issue will be used to meet the expenses for opening new stores of the Company under the brands “Metro”, “Cobbler”, “Walkway” and “Croix”. For general corporate purposes.

Presently, 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 of the issue.