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Metro Brands IPO Subscribed 3.64 Times On Final Day

Get the latest subscription updates from the final day of Metro Brands IPO.

<div class="paragraphs"><p>A pair of women sandals sold by Metro Shoes. (Source: Company website)</p></div>
A pair of women sandals sold by Metro Shoes. (Source: Company website)

Billionaire investor Rakesh Jhunjhunwala-backed Metro Brands Ltd.'s initial share sale received strong investor interest on the final day.

The issue was subscribed 27% and 52% on its first and second day, respectively, led by demand from retail investors.

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.

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Rakesh Jhunjhunwala-Backed Metro Brands IPO: All You Need To Know

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.

Watch BloombergQuint's IPO Adda With Metro Brands' Management