Shares of Metro Brands will list on the bourses on December 22Billionaire investor Rakesh Jhunjhunwala-backed footwear retailer Metro Brands' shares will debut on the bourses tomorrow on December 22.

They will be listed on both national stock exchange as well as on Bombay stock exchange.The initial public offer (IPO) of the company had received lower-than-expected subscription as it was subscribed 3.64 times between December 10 and 14.Qualified institutional buyers' portion was subscribed 8.49 times.

Non-institutional investors had put in bids for 3.02 times the allotted quota, while the retail portion was subscribed 1.13 times.Metro Brands garnered Rs 1,367.5 crore through its public issue of 2.73 crore equity shares at Rs 500 per share.

The offer comprised of a fresh issue of Rs 295 crore, and an offer for sale of Rs 1,072.5 crore by the promoters.In the grey market, Metro Brands shares traded at a price of Rs 490.

The grey market is an unofficial platform, where trading begins with the price band announcement till the listing of shares.Metro Brands operates 598 stores across 136 cities spread across 30 States and union territories in India, selling retail footwear under several brands like Metro, Mochi, Walkway, Da Vinchi and J Fontini.