22 Dec , 2021 By : monika singh
New Delhi: Rakesh Jhunjhunwala-backed Metro Brands today made a muted debut on bourses as the scrip was listed at Rs 436 on BSE, a discount of 12.8 per cent over its issue price of Rs 500. On the National Stock Exchange (NSE), the stock listed at Rs 437.
A day ahead of its listing, the stock was exchanging hands at a discount of Rs 60-70 per share in the grey market, hurt by dampened sentiments on Dalal street.
It is the second Jhunjhunwala-backed IPO in a row that got listed below the offer price. Prior to this, Star Health and Allied Insurance listed at a discount of 6 per cent over its issue price on December 10.
The Rs 1,367.51 crore IPO of Metro Brands was open for subscription between December 10-14. The company sold its shares in the range of Rs 485-500 per share.
The issue received a tepid response as it was subscribed less than four times. The quota for institutional bidders got bids 8.5 times, whereas the HNI portion was subscribed a little more than thrice. The retail allocation, however, hardly sailed through.
Established in 1955, Metro Brands is one of the largest Indian footwear specialty retailers in India. The company caters to footwear needs of customers through a wide range of branded products for the entire family.
Some of the company's well-known brands include Metro, Mochi, Walkway, Da Vinchi, and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.
0 Comment