Metro Brands Limited (MBL), one of the largest Indian footwear speciality retailers in India saw overwhelming response from the investors for its initial public offering (IPO). Metro Brands IPO was booked 52 per cent so far on the second day of bidding. Metro Brands IPO received bids for 99.13 lakh equity shares against an IPO size of 1.91 crore on December 13, according to the data available at NSE. The portion set aside for retail investors was booked 87 per cent while that of non-institutional investors was subscribed 17 per cent. The share allocated for qualified institutional buyers portion booked 16 per cent. Metro Brands IPO was subscribed 27 per cent on the first day.
Metro Bands IPO Price, Offer Details
Metro Bands opened its first first store under the Metro brand in Mumbai in 1955. Since then, it has evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids. Metro Bands IPO opened for subscription on December 10 and the offer would close on December 14. The company has fixed a price band of Rs 485 – 500 per equity share of face value Rs 5 each.
At upper price band, the offer aims to garner Rs 1,367.5 crore. Metro Bands IPO comprises a fresh issue of shares worth Rs 295 crore and an offer for sale of Rs 1,072.5 crore by promoter selling shareholders who will offload 2.14 crore equity shares.
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