Metro Brands IPO Update: The initial public offering (IPO) of Metro Brands got 52 per cent subscription on the second day of the issue on Monday. According to National Stock Exchange data, 99,49,320 shares were received for the IPO of 1,91,45,070 shares of well-known investor Rakesh Jhunjhunwala-backed footwear retailer company.
New shares issued worth Rs 295 crore
The retail individual investor segment subscribed 87 per cent and the non-institutional investor category 17 per cent. At the same time, 16 per cent subscription was received in the eligible institutional buyer category. Under the IPO, new shares worth Rs 295 crore have been issued and an offer for sale (OFS) of 2,14,50,100 equity shares has been brought.
What is the price band of IPO
The price range for the IPO has been fixed at Rs 485 to Rs 500 per share. The company had raised Rs 410 crore from anchor investors on Thursday. Rs 1,367.5 crore will be raised from the IPO at the upper end of the price range.
The Metro brand opened its first store in Mumbai in 1955. Since then it has grown into a one-stop shop for a large retail chain of branded products for men, women, unisex and the entire family including kids.
Metro Brands had a total revenue of Rs 490 crore in the July-September quarter. In the same period a year ago, the total revenue of Metro Brands was Rs 228 crore. Metro Brands’ net profit in the September quarter stood at Rs 43 crore. In the same quarter last year, the company had a loss of Rs 41 crore.
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