Metro Brands IPO sees 52% subscription on second day of bidding, retail portion booked 87%
he public immolation of footwear retailer Metro Brands has subscribed 52 percent, entering flings for99.49 lakh equity shares against an IPO size of1.91 crore on December 13, the alternate day of bidding.
Retail investors continued to give good support to the issue, bidding for 87 percent of shares set away for them, while the reserved portion ofnon-institutional investors was subscribed 17 percent.
Good institutional buyers portion reserved 16 percent. The issue closes on December 14.
On its first day of bidding, December 10, the issue was subscribed 27 percent.
The issue entered flings for99.49 lakh shares as against1.91 crore shares on offer.
The original public offer (IPO) of Metro Brands entered flings for shares as against1.91 crore shares on offer, according to stock exchange data at 1700 IST on Friday (10 December 2021). The issue was subscribed0.52 times.
The issue opened for bidding on 10 December 2021 and it’ll close on 14 December 2021. The price band of the IPO is fixed at Rs 485-500.
The IPO comprises fresh issue of equity shares worth up to Rs 295 crore and an offer for trade of upto equity shares.
Metro Brand is a consumer-centric business led by a strong and educated protagonist (Rafique A Malik) with a proven track record of over 50 times. Despite the epidemic, the company’s total store count has grown from 504 stores across 116 metropolises as of FY19 to 598 stores across 136 metropolises as of September 30.
“ Metro plans to establish 260 new stores, which means advanced capex and increased earnings in the longer run. The company enjoys superior fiscal performance when compared to its peers. Considering these factors, we give this issue a‘ subscribe’ standing only for listing earnings,” said BP Equities.