Today is the last day to subscribe to Metro Brands’ IPO — issue subscribed 50%

• Today is the third day to subscribe to footwear retailer Metro Brands.
• The issue has received bidding for 50% of the shares up for sale.
• The Rakesh Jhunjhunwala-backed company is looking to raise ₹1,367 crore.

The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Metro Brands has been subscribed 50% on the first two days of issue.

The company’s shares will open for subscription today, December 14, for the last time.

Metro Brand — which is one of the largest Indian footwear specialty retailers in India — has set the price band of its shares at ₹485 to ₹500. The lot size has been set at 30 shares, costing ₹15,000 at upper price issue.

Retail investors can buy upto 390 shares, 13 lots, for ₹1.95 lakh.

The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹34 on December 13.

The company intends to raise ₹1,367 crore through this public issue, nearly ₹5 will be raised through fresh issue and the remaining ₹1,072 crore will be raised through offer for sale.

The allotment status of Metro Brands’ IPO will be announced on December 17 and the company is likely to list on the stock exchange on December 22.

Metro Brands started in 1955 as a footwear specialty retailer in India. It operates 586 stores across 134 cities spread across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.

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