The initial public offer (IPO) of Metro Brands received bids for 51,06,330 shares as against 1.91 crore shares on offer, according to stock exchange data at 17:00 IST on Friday (10 December 2021). The issue was subscribed 0.27 times.

The issue opened for bidding on 10 December 2021 and it will close on 14 December 2021. The price band of the IPO is fixed at Rs 485-500.

The IPO comprises fresh issue of equity shares worth up to Rs 295 crore and an offer for sale of upto 2,14,50,100 equity shares.

Ahead of the IPO, Metro Brands on Thursday, 9 December 2021, finalized allocation of 82,05,030 equity shares to anchor investors at Rs 500 each, aggregating to Rs 410.25 crore.

Of the net proceeds from the fresh issue, the company proposes to utilize Rs 225.37 crore for opening new stores of the company, under the "Metro", "Mochi", "Walkway" and "Crocs" brands and remaining amount will be used for general corporate purposes.

Metro Brands is one of the India's largest footwear retailers and is among the aspirational Indian brands in the footwear category. The company opened its first store under the Metro brand in Mumbai in 1955 and have since evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events. The company's total store count was 598 stores across 136 cities as of 30 September 2021.

For the six months ended on 30 September 2021, the company reported a consolidated net profit of Rs 41.53 crore and sales of Rs 456 crore.