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.
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.
Research Reports On Metro Brands IPO:
Pan India Footwear Player With Strong Brand Portfolio: ICICI Direct
Metro Brands IPO - Investment Rationale, Risks, Concerns, Financials: Nirmal Bang
Metro Brands IPO - Outlook, Valuations, Concerns, Financials: Angel One
Watch BloombergQuint's IPO Adda With Metro Brands' Management
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