Metro Brands Shares Decline Over 1% On Debut Trade

Shares of Metro Brands had a poor debut on the bourses today

New Delhi:

Shares of billionaire investor Rakesh Jhunjhunwala-backed footwear retailer Metro Brands on Wednesday listed with a discount of nearly 13 per cent from the issue price of Rs 500 and settled over 1 per cent lower.

The stock listed at Rs 436, a decline of 12.8 per cent against the issue price on Bombay stock exchange (BSE). During the day, it tumbled 14.78 per cent to Rs 426.10. It settled at Rs 493.55, a discount of 1.29 per cent.

On National stock exchange (NSE), it made its debut at Rs 437, a discount of 12.6 per cent. It settled at Rs 493.35, lower by 1.33 per cent.

The company commanded a market valuation of Rs 13,400.25 crore on BSE.

In volume terms, 7.76 lakh shares were traded on BSE and over 1.97 crore on NSE. The initial public offer of Metro Brands was subscribed 3.64 times on the last day of subscription on December 14.

The Rs 1,367.5-crore initial public offer (IPO) had a price range of Rs 485-500 per share.

The IPO had a fresh issue of Rs 295 crore and an offer-for-sale of up to 2,14,50,100 equity shares.

Currently, the company has 598 stores in 136 cities spread across the country.

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