Metro Brands lists on stock exchanges with almost 13% discount

By

Isabelle Crossley

Published
Dec 22, 2021

Footwear brand Metro Brands made its national stock exchange debut on December 22 with stocks priced 12.6% cheaper than during the business’ recent initial public offering. 

Metro Brands made its National Stock Exchange market debut on Wednesday with shares priced at Rs 437 ($5.79) each. This was 12.6% cheaper than their IPO price of Rs 500. The business also debuted on the Bombay Stock Exchange listed at Rs 436 which was 12.8% cheaper than its IPO share price. 
 
On the BSE, Metro Brands had a market valuation of Rs 12,805.65 crore, the Press Trust of India reported. The business’ recent IPO was subscribed 3.64 times on the final day of subscription last Tuesday and had a price range for the offer of Rs 485 to Rs 500 per share. 

Metro Brands had been loosing steam in the grey markets ahead of its stock market debuts, ET Bureau reported. The IPO had included a fresh issue of shares worth Rs 295 crore.
 
“We are positive on the stock for the long term on the back of its asset-light business, strong brands and wide range of products," online trading firm Angel One’s Amarjeet Maurya told ET Markets. “Every dip in share prices provides buying opportunities to long-term investors.”
 
Metro Brands has close to 600 stores in 136 Indian cities. The business is placed in the value segment of the market and runs numerous footwear brands including Mochi.