The public issue of footwear retail company Metro Brands has subscribed 27 percent, garnering bids for 51.06 lakh equity shares against the IPO size of 1.91 crore equity shares on December 10.
The Rakesh Jhunjhunwala-backed company mopped up Rs 410 crore through the anchor book on December 9.
The company is planning to raise Rs 1,367.5 crore via the initial public offering that consists of a fresh issue of Rs 295 crore and an offer for sale of 2,14,50,100 equity shares by promoters.
The price band for the offer, which will close on December 14, has been fixed at Rs 485-500 per equity share.
The portion set aside for retail investors was subscribed 52 percent and non-institutional investors portion booked 2 percent.
Also read - Metro Brands IPO opens: 10 key things to know about the issue, company
Qualified institutional investors are yet to put in their bids for the offer.
Half of the IPO size is reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.
Metro Brands has 586 exclusive retail outlets, the third highest number of such outlets in India.
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Metro retails its footwear under own brands of Metro, Mochi, Walkway, Da Vinchi and J Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop, which complement the in-house brands.
"We believe Metro's aggressive plans on store addition and product portfolio expansion would cater to growing demand in branded footwear and pave the way for sustainable earnings growth and improved operational parameters in future," said IDBI Capital which recommended subscribe for the issue.
Metro Brands is going to use the proceeds from the fresh issue for the expansion of new stores under its 'Metro', 'Mochi', 'Walkway' and 'Crocs' brands.
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