Institutions, HNIs help Metro Brands' IPO sail through with 3.6 times bids

Mumbai: The ₹1,368 crore-initial public offer of footwear retailer Metro Brands was subscribed over 3.6 times on Tuesday - the final day of the offering - thanks to interest from institutional and rich investors.

The issue got bids for 6.96 crore shares against the 1.91 crore shares on offer.

The qualified institutional buyers (QIB) category was subscribed 8.49 times, while non-institutional investors, including high networth individuals (HNIs) bid for 3.02 times the shares set aside for them. The retail investor category was subscribed 1.13 times.


The company, in which investor Rakesh Jhunjhunwala holds a stake, sold shares in the range of ₹485-500 apiece in the IPO. Last week, Metro raised ₹410.25 crore by allotting 82.05 lakh shares to 28 anchor investors ahead of the public issue. The investors included Goldman Sachs, Abu Dhabi Investments, Pinebridge, Society Generale, SBI Life, HDFC Life, and 11 domestic mutual funds such as Aditya Birla, Tata, HDFC, ICICI Prudential and Kotak among others.