HomeBusinessMetro Brands IPO Subscribed 52% On Second Day Of Issue

Metro Brands IPO Subscribed 52% On Second Day Of Issue

Metro Brands IPO Subscribed 52% On Second Day Of Issue

Metro Brands IPO was subscribed 52 per cent on second day of challenge

Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Limited’s preliminary public provide (IPO) was subscribed 52 per cent on the second day of its challenge on Monday.

It obtained bids for 99,49,320 shares towards 1,91,45,070 shares on provide, in accordance with knowledge out there with the National Stock Exchange (NSE).

The class for retail traders obtained 87 per cent subscription, the portion for non-institutional traders was subscribed 17 per cent and that for certified institutional patrons (QIBs) 16 per cent.

The IPO has a recent challenge of Rs 295 crore and an offer-for-sale of as much as 2,14,50,100 fairness shares.It comes at a worth vary of Rs 485-500 per share.

The firm on Thursday raised over Rs 410 crore from anchor traders.

At the higher finish of the value band, the general public challenge is anticipated to fetch Rs 1,367.5 crore.

The proceeds from the recent challenge will probably be used for assembly the expenditure for opening new shops of the corporate, below the ”Metro”, ”Mochi”, ”Walkway” and ”Crocs” manufacturers in addition to for basic company functions.

Currently, the corporate has 598 shops in 136 cities unfold throughout the nation.

Axis Capital Limited, Ambit Private Limited, DAM Capital Advisors Limited, Equirus Capital Private Limited, ICICI Securities Limited and Motilal Oswal Investment Advisors Limited are the managers for the problem.

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