Public Market IPO
Footwear firm Metro Brands' IPO fully subscribed on final day
The IPO of Rakesh Jhunjhunwala-backed Metro Brands, despite initial struggles, was fully subscribed on the final day of the issue, on Tuesday. The offer has been subscribed 3.6 times; it saw applications for around 6.9 crore shares, against the issue size of 1.9 crore.
The company is selling shares in the range of INR 485-500 apiece. At the upper range of the price band, it will raise INR 1,367.51 crore from the IPO.
From the Venture Intelligence PE-VC Deal Database: In Mar-07, Metro Brands had raised $8-M from Rare Enterprises. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)