Billionaire Jhunjhunwala-backed footwear retailer Metro Brands falls in debut

Metro Brands

22/12/2021 06:33

** Footwear retailer's shares  METB.NS  fall as much as
14.8% to 426 rupees on debut; Company valued at 115.66 bln
rupees ($1.53 bln)   
    ** METB opens at 437 rupees vs IPO price of 500 rupees
    ** Company's IPO comprised of fresh issue of shares worth up
to 2.95 bln rupees and offer for sale of shares from existing
shareholders worth up to 10.73 bln rupees
    * The offering had drawn bids for 3.64 times the shares on
offer
    ** METB said it would use the proceeds from the offering to
open new stores under the "Metro", "Mochi", "Walkway" and
"Crocs" brands
    ** METB joins other Rakesh Jhunjhunwala-backed firms that
have gone public this year, such as Star Health and Allied
Insurance Co  STAU.NS  and mobile gaming platform Nazara
Technologies  NAZA.NS 

 ($1 = 75.6330 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607))