Metro Brands IPO share allotment status: Check GMP, listing today
Metro Brands Limited IPO share allotment was announced on December 22, and today investors saw the listing on BSE and NSE. Check all about it here.
Metro Brands Limited, the ace investor Rakesh Jhunjhunwala-backed company saw a weak listing debut today on the National Stock Exchange (NSE) and Bombay Stock exchange (BSE) despite the healthy response to its public issue. The stock listed on the BSE at ₹436 per share, a 12.8 percent discount to the issue price of ₹500. While on the NSE, Metro Brands shares were listed at ₹437 a share, a 12.6 percent discount. According to BSE data, the company's market capitalisation after the listing was ₹11,837 crore.
Metro Brands IPO in numbers
The Initial Public Offering (IPO) of Metro Brands was open from December 10 to December 14 and was oversubscribed 3.64 times by investors. This public offering was intended to raise ₹1,367 crore for the company. The public offer received bids for 6.96 crore equity shares on the last day of the subscription, against the issue size of 1.91 crore shares.
In the public issue, the Qualified Institutional Buyers had subscribed 8.49 times their reserved portion, which had the highest demand. Non-institutional investors bid for 3.02 times the allotted quota, while the retail portion was booked 1.13 times the allotted quota. For its strong financials and cash flow generation, as well as objectives for rapid product range expansion and store extension, most analysts subscribed to the Metro Brands IPO.
Metro Brands GMP value
The stock exchange listing of Metro Brands shares followed the trend witnessed in the grey market. Prior to the listing today, Metro Brands slipped into a discount on the grey market, that is ₹(-) 55. Between December 10 and December 14, when the IPO was open for subscription, the company had a GMP of ₹25-80.
About Metro Brands:
The company retails footwear brands such as Metro, Mochi, Walkway, Da Vinchi, and J Fontini footwear. Additionally, third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop come under Metro Brands. Besides footwear, there are company's stores which offer accessories such as belts, purses, socks, masks, and wallets.
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