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Shares of footwear retailer Metro Brands Limited started trading on the NSE at 437 per share in Wednesday's session on its stock market debut, which is at a 12.6% discount to its issue price of 500 apiece. On BSE, the stock listed at 436 per share. 

The three-day initial public offering (IPO) of Metro Brands was subscribed 3.64 times on the last day of subscription that opened on December 10 and closed on December 14. The company, which is backed by ace investor and stock market trader Rakesh Jhunjhunwala, had raised over 410 crore from anchor investors. The price range for the offer was 485-500 per share.

Metro Brands IPO had a fresh issue of 295 crore and an offer for sale (OFS) of up to 2,14,50,100 equity shares. The company aimed to use the proceeds from the fresh issue towards expenditure for opening new stores of the company, under the 'Metro', 'Mochi', 'Walkway' and 'Crocs' brands and for general corporate purposes.

At present, Metro Brands has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years. Metro Brands had the 3rd highest number of exclusive retail outlets in India, in fiscal 2021. 

The company retails footwear own-brands like Metro, Mochi, Walkway, Da Vinchi and J Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim and Fitflop. Metro Brands also offers accessories, such as belts, bags, socks, masks and wallets at its stores.

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