Shares of Mumbai-based footwear retailer Metro Brands made a weak debut on Dalal Street on Wednesday as its stock got listed at a discount of 12.8 per cent to the issue price.

The shares of Metro Brands opened at Rs 436 on the Bombay Stock Exchange (BSE) at a discount over the issue price of Rs 500 per share. Meanwhile, the shares of the Rakesh Jhunjhunwala-backed company got listed on the National Stock Exchange (NSE) at Rs 437.

A weak listing was earlier predicted for Metro Brands, given the persisting market sentiments since the past week. Analysts had earlier expressed concerns over valuation and the IPO also received a weak response.

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It may be noted that the Rs 1,367.5 crore IPO of Metro Brands was subscribed 3.64 times between December 10 and 14. The maximum demand came from qualified institutional buyers, while the NII and retail categories saw 3.02 times and 1.13 times subscription.

The company had set a price band of Rs 500 per share (upper band) for its maiden public issue.

Metro Brands was established in 1955 and it is one of the largest Indian footwear specialty retailers in the country. The company caters to the footwear needs of customers through a wide range of branded products.

Some of the company’s well-known brands include Metro, Mochi, Walkway, Da Vinchi, and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. It also offers other accessories, such as belts, bags, socks, masks and wallets.

As of September 30, 2021, the company operated 598 stores across 136 cities spread across 30 states and union territories in the country.