22 December 2021, Mumbai:
Shoe retailer Metro Brands is all set to list on Dalal Street. Metro Brands has been losing steam in the grey markets as the scrip has been trading at a discount ahead of its listing.
Rich valuations followed by a sharp correction in the secondary space and rising Covid cases have impacted the premium in the grey market. A weak listing was likely due to the company’s already commanding higher valuation and fear of the new Covid variant.
The Rs 1,367.51-crore IPO of Metro Brands was open for subscription on December 10 to 14, 2021. The company sold its shares in the range of Rs 485 to Rs 500 a share.
The issue received a tepid response as it was subscribed less than four times. The quota for institutional bidders got bids for 8.5 times, whereas the HNI portion was subscribed a little more than thrice. Retail allocation hardly sailed through.
Established in 1955, Metro Brands is one of the largest Indian footwear specialty retailers in India.
The company caters to the footwear needs of customers through a wide range of branded products for the entire family. Some of the company’s well-known brands include Metro, Mochi, Walkway, Da Vinchi, and J. Fontini as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.
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