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Metro Brands IPO subscribed 3.64 times on last day of subscription

The Rs 1,367.5-crore IPO received bids for 6,96,12,480 shares against 1,91,45,070 shares on offer, according to NSE data.

By: PTI | New Delhi |
December 15, 2021 12:09:17 pm
Metro Brands IPOMetro Brands is an Indian footwear retailer, targeting the economy, mid and premium segments in the footwear market. It opened its first store under the 'Metro' brand in Mumbai in 1955 and has since evolved into a one-stop shop for all footwear needs. (Representative image, source: Pixabay)

The initial public offer of footwear retailer Metro Brands Limited was subscribed 3.64 times on the last day of subscription on Tuesday.

The Rs 1,367.5-crore IPO received bids for 6,96,12,480 shares against 1,91,45,070 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) garnered 8.49 times subscription, while those for non-institutional investors 3.02 times and Retail Individual Investors (RIIs) 1.13 times.

The company, which is backed by ace investor Rakesh Jhunjhunwala, on Thursday raised over Rs 410 crore from anchor investors.

The initial public offer (IPO) had a fresh issue of Rs 295 crore and an offer for sale of up to 2,14,50,100 equity shares.

The price range for the offer was Rs 485-500 per share.

The proceeds from the fresh issue will be utilised towards expenditure for opening new stores of the company, under the ‘Metro’, ‘Mochi’, ‘Walkway’ and ‘Crocs’ brands and 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 were the managers of the offer.

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