Metro Brands lists at 13% below IPO price

Mumbai: Rakesh Jhunjhunwala-backed Metro Brands made a weak debut on the bourses on Wednesday, listing at a 13% discount to its IPO price of ₹500 per share. It listed at ₹436 on the BSE, before erasing a major portion of its losses to close at ₹493.55. Analysts said the footwear retailer's tepid listing was on expected lines on concern over its valuations. A day ahead of the listing, the stock was quoting at a discount of ₹60-70 in the unofficial grey market.

Amarjeet Maurya - AVP - Midcaps at Angel One said the stock was priced at almost 91 times price to earnings on a one-year trailing basis in the IPO.

This is the second company in which Jhunjhunwala owns a stake that has listed below offer price.