June 1, 2023

Metro Brands IPO was subscribed 52 per cent on second day of subject

Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Limited’s preliminary public supply (IPO) was subscribed 52 per cent on the second day of its subject on Monday.

It obtained bids for 99,49,320 shares in opposition to 1,91,45,070 shares on supply, based on information out there with the National Stock Exchange (NSE).

The class for retail traders obtained 87 per cent subscription, the portion for non-institutional traders was subscribed 17 per cent and that for certified institutional consumers (QIBs) 16 per cent.

The IPO has a recent subject of Rs 295 crore and an offer-for-sale of as much as 2,14,50,100 fairness shares.It comes at a value vary of Rs 485-500 per share.

The firm on Thursday raised over Rs 410 crore from anchor traders.

At the higher finish of the worth band, the general public subject is predicted to fetch Rs 1,367.5 crore.

The proceeds from the recent subject will likely be used for assembly the expenditure for opening new shops of the corporate, below the ”Metro”, ”Mochi”, ”Walkway” and ”Crocs” manufacturers in addition to for normal company functions.

Currently, the corporate has 598 shops in 136 cities unfold throughout the nation.

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 for the difficulty.

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