Metro Brands makes a weak debut, lists at over 12% discount from issue price.
Metro Brands share price: Shares of footwear retailer Metro Brands debuted on a weaker note and got listed at a discount of over 12 per cent from their issue price in the stock exchanges today.
The scrip got listed at Rs 436.00 apiece on the BSE, thereby registering a fall of 12.80 per cent from its offer price of Rs 500.00, while on the National Stock Exchange (NSE), it opened at Rs 437.00, down 12.60 per cent from the issue price. The stock however inched higher from its opening levels and within minutes touched a high of Rs 487.80 on BSE and Rs 488.00 on NSE.
At 10:39 am, the scrip was trading at Rs 487.50 on the BSE, down 2.50 per cent from the issue price while on NSE it was at Rs 485.95, down 2.81 per cent. The market capitalisation stood at Rs 13,235.99 crore, data from the BSE showed.
Over 91.24 lakh shares of Metro Brands were traded so far on NSE while around 3.51 lakh shares have exchanged hands on the BSE, data from the respective stock exchange showed.
Metro Brands is a footwear retailer, which targets the economy, mid and premium segments in the Indian footwear market. It opened its first store under the ‘Metro’ brand in Mumbai in 1955 and has since evolved into a one-stop-shop for all footwear needs. It is backed by ace investor Rakesh Jhunjhunwala.