Metro Brands Listing: The listing of the legendary footwear retail company Metro Brands, invested by veteran investor Rakesh Jhunjhunwala, disappointed IPO investors today (December 22).
Metro Brands Listing: The listing of the legendary footwear retail company Metro Brands, invested by veteran investor Rakesh Jhunjhuwala, disappointed IPO investors today (December 22). Its shares were listed at a discount of about 12.8 per cent against the issue price of Rs 500. It started with a price of Rs 436 in the stock market. Metro Brands is listed with a market capitalization of Rs 11837.72 crore.
The Rs 1368 crore IPO of Metro Brands was open for subscription between December 10-14 and was subscribed 3.64 times. Under this issue, new shares worth Rs 295 crore have been issued. The money raised through new shares will be used for opening new stores and for general corporate purposes. Most of the brokerage firms had given subscribe rating to this issue.
Stocks in Focus: Today the focus will be on these stocks including Reliance-Zee, advice to bet on these stocks in intra-day
Fall in the price Golden opportunity to buy
Amarjeet Maurya, Assistant Vice President – Mid Caps, Angel One, has maintained a positive outlook on Metro Brands on the back of its asset light business, strong brand and wide range of products. He has advised investors that long term investors should see the fall in the stock as a buying opportunity.
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