Metro Brands IPO was subscribed 52 percent on 2nd day of issueRakesh Jhunjhunwala-backed footwear retailer City Brands Limited's initial public deal (IPO) was subscribed 52 per cent on the 2nd day of its concern on Monday.It received bids for 99,49,320 shares versus 1,91,45,070 shares on offer, according to information offered with the National Stock Market (NSE).
The category for retail financiers received 87 per cent subscription, the portion for non-institutional investors was subscribed 17 per cent and that for qualified institutional purchasers (QIBs) 16 per cent.The IPO has a fresh concern of Rs 295 crore and an offer-for-sale of approximately 2,14,50,100 equity shares.It comes at a cost variety of Rs 485-500 per share.The company on Thursday raised over Rs 410 crore from anchor investors.At the upper end of the rate band, the general public issue is anticipated to fetch Rs 1,367.5 crore.The profits from the fresh issue will be utilized for satisfying the expense for opening brand-new shops of the company, under the Metro , Mochi , Walkway and Crocs brands along with for general business purposes.Currently, the business has 598 stores in 136 cities spread out throughout the country.Axis Capital Limited, Ambit Private Limited, DAM Capital Advisors Limited, Equirus Capital Private Limited, ICICI Securities Limited and Motilal Oswal Financial Investment Advisors Limited are the supervisors for the issue.