Metro Brands IPO Subscribed 3.64 Times On Final Day
Billionaire investor Rakesh Jhunjhunwala-backed Metro Brands Ltd.'s initial share sale received strong investor interest on the final day.
The IPO by the footwear retailer comprised a fresh issue of Rs 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders, according to its red herring prospectus.
The company had set a price band of Rs 485-500 apiece.
Promoters—Rafique A Malik, Farah Malik Bhanji, Alisha Rafique Malik, Rafique Malik Family Trust and Aziza Malik Family Trust—hold 68.43% stake in the company, while the promoter group holds 15.57%. After listing, their shareholding will fall to 62.15% and 12.12%, respectively.
Jhunjhunwala, the third-largest shareholder owning 14.73% in the company, isn't diluting any stake.
Subscription Details: Day 3
The IPO was subscribed 3.64 times as of 5 p.m. on Dec. 14.
Institutional investors: 8.49 times.
Non-institutional investors: 3.02 times.
Retail investors: 1.13 times.