Metro Brands IPO Subscription Status Day 1: Issue booked 27%, retail investors booked most

The second company backed by an ace investor Rakesh Jhunjhunwala — Metro Brands Limited launched its initial public offer on Friday, December 10, 2021. The issue at around 05:00 pm has been subscribed by 27 per cent, led by demand from retail investors category, booked 52%.

The other two categories non-institutional investors and qualified institutional buyers are yet to make a start. The offer which has begun today will end on December 14, 2021.

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The initial share sale has set a price band between Rs 485-500 per share, and it is expected to raise around Rs 1367.5 crore at the upper end of the issue price.

The initial share sale comprises fresh issuance of equity shares worth Rs 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders. The company on December 9, 2021 a day ahead of IPO has mobilised Rs 410.25 crore.

The proceeds of the fresh issue will be used towards expenditure for opening new stores of the company, under the 'Metro', 'Mochi', 'Walkway' and 'Crocs' brands and for general corporate purposes.

Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers to the IPO.

Metro Brands Limited IPO Timeline

Application start date: December 10, 2021

Application end date: December 14, 2021

Allotment begins: December 17, 2021 

Refund initiation date: December 20, 2021

Allotment date: December 21, 2021

Listing date: December 22, 2021

Dates as per Upstox