Metro Brand IPO subscribed 27% on Day 1; GMP falls to 6%

Rakesh Jhunjhunwala is not getting the step up he hoped with Metro Brands IPO as it is failing to impress investors. With merely 27% subscription on Day 1, the grey market premium for the foot retailer is close to nil now. It is deja vu for the billionair investor after his unhealthy experience with Star Health IPO which had to cut down it's offer size due to the lack on interest.

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The near 70 year old shoe company is facing weak demand despite having 28 Anchor investors put in 410.25 crore into this footwear retailer.

Here is what you need to know-:

• IPO Dates: Dec 10-14
• IPO Price: Rs 485-500/share
• Minimum Lot: 30 shares
• Minimum Investment: Rs 15,000/share
• Grey Market Premium: Rs 30/share

About the company

Founded in 1955, the company operates 598 stores across 136 cities. A part of the IPO proceeds will be utilized to fund the expenditure for opening new stores of the company under the “Metro”, “Mochi”, “Walkway” and “Crocs” brands.